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China: Stocks close up 2.39% on positive momentum

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Chinese stocks closed solidly higher on Monday, as the market continued to bask in policies launched by the government last week to avert a market meltdown, dealers said.

[SHANGHAI] Chinese stocks closed solidly higher on Monday, as the market continued to bask in policies launched by the government last week to avert a market meltdown, dealers said.

The benchmark Shanghai Composite Index added 2.39 per cent, or 92.59 points, to 3,970.39 on turnover of 782.4 billion yuan (S$170.25 billion). It rose as much as 3.93 per cent to trade above the symbolic 4,000-point level during the day.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, jumped 4.18 per cent, or 84.99 points, to 2,120.25 on turnover of 391.8 billion yuan.

AFP

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