BEIJING: Chinese equities shot higher on their first day back from a long holiday, with mainland stocks up more than 2 per cent in the first trading session after China’s central bank cut its reserve requirement ratio for banks.
The CSI 300 index of major mainland stocks in Shanghai and Shenzhen was up as much as 2.1 per cent on Monday. The Shanghai Composite index was up as much as 1.8 per cent, while the Shenzhen Composite had risen as much as 1.5 per cent. Chinese stocks in Hong Kong had rallied last week after a weekend cut to the reserve requirement ratio, pushing the Hang Seng to a new post-financial crisis high. In Hong Kong, where stocks traded three out of five days last week, the Hang Seng China Enterprises index tracking mainland companies was off 0.2 per cent, while the benchmark Hang Seng index had dropped 0.1 per cent.
