Steel keeps soaring, stocks hit new high

China's key stock index ended at a new four-month high Tuesday, with a key resistance level prompting investors to sell off insurers and financials such as Ping An Insurance Group Co after a market rally Monday.

The Shanghai Composite Index finished up 0.1 percent at 2,698.4, reversing the morning session's declines.

Analysts said investors were cautious ahead of economic data later this week and were also warned off by the 2,700 mark, a level the index has not breached several times last month.

Steel firms kept rising after media reports Monday said some mills were ordered to close.

Source: Global Times