Shanghai: Stocks close up on late afternoon rally

[SHANGHAI] China stocks closed up on Tuesday led by a late afternoon rally after the central bank cut reserve requirements for banks on Monday evening, the latest effort by authorities to try and shore up a faltering economy.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 1.9 per cent, to 2,930.69, while the Shanghai Composite Index gained 1.7 per cent, to 2,733.17 points.

Indexes were led by financials and industrials with property shares outperforming, the last on signs of rising speculative interest in tier one markets.

Gains were checked by disappointing manufacturing and service sector surveys, which highlighted the wider challenges faced by the world's second-largest economy.

REUTERS