Chinese banking shares stabilize while car and mining stocks soar

Shares in Asia recouped some of yesterday's losses as benchmark indexes rose. In China the Shanghai Composite Index climbed 2.1% to end the day at 3,290, and Hong Kong's Hang Seng Index rose 0.8% to 22,612. In Japan the Nikkei Index closed at 9,442 -- up 0.4%.

Chinese mining companies soared today after gold hit a new high of $1,177 per ounce. Shandong Gold Mining surged to its maximum 10% daily limit, Zijin Mining (ZIJMF) climbed 6.5% and Zhongjin Gold gained 5.4%. Other metals companies also moved forward with Baoshan Iron & Steel surging 8.5% and Jiangxi Copper (JIXAY) gaining 3.8%.