China's Shanghai Index kicks on signs of easier monetary policy
Chinese stocks rallied Thursday, led by strong performances in the financial and property sectors.
Investors are placing bets that China will ease lending restrictions to kick-start growth.
The benchmark Shanghai Composite Index gained 1.31 percent, or 29.69 points, to close at 2,296.07. The Shenzhen Component Index rose 2.03 percent, or 184.95 points, to finish at 9,300.22.
Total turnover on the two bourses experienced a decline ahead of the Spring Festival holiday, shrinking to 115.87 billion yuan ($18.34 billion) from 145.32 billion yuan on the previous trading day.
The Shanghai index has gained 4.4 percent this year on expectations the government will ease monetary policies
Gainers outnumbered losers by 753 to 154 in Shanghai, and by 1,063 to 305 in Shenzhen.
Securities and banking shares rose across the board. CITIC Securities gained 3.53 percent to 10.84 yuan per share, while the Industrial and Commercial Bank of China climbed 1.16 percent to 4.36 yuan.
Property stocks rebounded after a retreat during the previous day on news that home prices fell in more Chinese cities in December as a result of government policies introduced to cool down the sector.
CBC, the nation’s biggest listed lender, added 1.2 percent to 4.36 yuan. China Construction Bank Corp., the second biggest, gained 0.8 percent to 4.85 yuan.
China Vanke Co, the country's largest property developer, gained 3.73 percent to 7.79 yuan, while Poly Real Estate Group Co, the second largest, edged up 0.55 percent to 10.67 yuan.
Oil stocks were strong as PetroChina, the nation’s biggest oil company, rose 0.4 percent to 10.26 yuan. China Petroleum & Chemical Corp., the second largest, climbed 1.1 percent to 7.66 yuan.
Jiangxi Copper, China’s biggest producer of the metal, advanced 2.3 percent to 25.62 yuan. Tongling Nonferrous Metals Group Co., the second largest, added 3 percent to 20.31 yuan.
Spring Festival, which begins on January 23 this year, is a major Chinese holiday. The stock market will close on Sunday and reopen on January 30.
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