China’s stock market closed higher on Monday as more than 21 Chinese cities imposed property tightening measures to cool surging prices during the 7-day National Day holiday, which analysts said could potentially drive a lots of funds into the weak market.
At the close, the Shanghai Composite Index rose 1.45%, at 3,048.14 points, while the Shenzhen Component Index went 1.65% higher to 10,741.69 points.
The ChiNext Index, which tracks China’s NASDAQ-style board for growth enterprises, surged 2.72% to 2,208.47 points.
Total traded amounts of the Shanghai and Shenzhen bourses increased to 175.5 billion yuan and 278.9 billion yuan, respectively.
Most sectors gained in both markets, with shares in computer and communication industries among the biggest gainers, surging 4.05%, and 3.31%, respectively.
At the end of trading, 2,510 counters rose, 177 shares declined, and the remaining 246 shares closed flat.
The Shanghai – Hong Kong Stock Connect was closed today due to a holiday in Hong Kong.