Beijing announced "historic" steps on Friday to stabilise its crisis-hit property sector, with the central bank facilitating 1 trillion yuan ($138.30 billion) in extra funding and easing mortgage rules, and local governments set to buy some apartments.
At close of trade, the benchmark Shanghai Composite index was up 0.54%, or 17.12 points, to 3,171.15. The Shenzhen Composite Index, which tracks stocks on China's second exchange, advanced 0.47%, or 8.39 points, to 1,793.98. The blue-chip CSI300 index rose 0.35%, or 12.99 points, to 3,690.96.
CURRENCY NEWS: China's yuan slightly depreciated against a greenback on Monday, on optimism around Chinese economic recovery after China announced new measures last week to stabilize the property sector. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1042 per dollar, 3 pips firmer than the previous fix of 7.1045. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.2307 at midday, 53 pips softer than the previous late session close.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content