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SHANGHAI - Chinese shares closed at a fresh record high Monday, the first day of trading in following a weeklong Lunar New Year holiday, as metals companies surged on stronger metals prices.

A woman monitors an electronic board at a stock exchange center in Nanjing, East China's Jiangsu Province February 26, 2007. Chinese shares closed at a fresh record high Monday, the first day of trading in following a weeklong Lunar New Year holiday, as metals companies surged on stronger metals prices. [Newsphoto]

The benchmark Shanghai Composite Index gained 1.4 percent to 3,040.60, extending a spate of record high closes. The Shenzhen Composite Index rose 2.4 percent to 776.12.

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Banks declined after China's central bank raised the reserve requirement ratio for commercial lenders to 10 percent from 9.5 percent, effective Sunday, in an attempt to slow lending growth.

China Merchants Bank slid 5.6 percent to 16.85 yuan, China Minsheng Banking fell 4.1 percent to 12.63 yuan and Shanghai Pudong Development Bank lost 4.8 percent to 24.26 yuan.

The hike in the reserve requirement means banks will have less money to lend to their clients, but its impact will be limited, analysts said.

But they said sentiment remained positive at the start of what is, by the Chinese zodiac calendar, the "Year of the Golden Pig."

"Market liquidity remains ample despite the reserve ratio hike and citizens will likely keep moving their deposits into the stock market," said Zhu Haibin, an analyst at Everbright Securities.

Metals companies surged on recent gains in global metal prices, with Jiangxi Copper hitting the 10 percent upside limit at 17.67 yuan and Zhongjin Gold rising 5.1 percent to 34.64 yuan.

Baoshan Iron & Steel jumped 8 percent to 10.03 yuan after the Economic Observer reported during the holiday that its parent Shanghai Baosteel Group Corp. is planning a roadshow in April for an initial public offering on the New York Stock Exchange.

In currency dealings, the US dollar was at 7.7460 yuan on the over-the-counter market around 0730 GMT, up from a close of 7.7426 yuan on February 16, the last trading day before the Lunar New Year holidays.