KPL
The recent rally in China's stock markets, fueled by a series of stimulus measures, has significantly ignited investors' enthusiasm and bolstered market confidence in the
(Xinhua/KPL) The recent rally in China's stock markets, fueled by a series of stimulus measures, has significantly ignited investors' enthusiasm and bolstered market confidence in the country's economic recovery.
The benchmark Shanghai Composite Index surged 8.03 percent to close at 3,335.44 points on Monday, while the Shenzhen Component Index soared 10.68 percent to reach 10,530.85 points at the close.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, skyrocketed 15.52 percent to close at 2,178.04 points.
Monday is the last trading day before the week-long National Day holiday. The Chinese stock markets will be closed Tuesday through Oct. 7.
"Due to a rapid introduction of stimulus policies, with some clearly exceeding market expectations, the stock market has begun to show a noticeable upturn, attracting a broad base of investors," said Lou Feipeng, a researcher at China Postal Savings Bank.
The combined turnover of the Shanghai and Shenzhen bourses surpassed 2.5 trillion yuan (about 356.76 billion U.S. dollars) on Monday, reaching a historic high.
Stock prices for property firms surged following an announcement by China's central bank on Sunday evening, asking commercial banks to reduce interest rates on existing mortgages by Oct. 31. This directive is part of an extensive set of measures aimed at shoring up the country's struggling property sector.
Also on Sunday, the major southern city of Guangzhou announced the removal of all home purchase restrictions, while Shanghai and Shenzhen have also taken steps to relax their buying curbs.
Lifted by the news, property shares rose across the board. Greenland Holdings, a leading property developer, surged by 10 percent to 2.08 yuan per share. Gemdale, another big developer, bounced 10 percent to close at 5.47 yuan.
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