Shanghai Composite Closes Up 34.12 Points on Property Support Measures

Macro

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Summary · why it matters

China's Shanghai Composite Index closed higher on Monday (Aug. 31), supported by government measures to shore up the crisis-hit property market, including approving mortgage loans for projects that have been completed and encouraging local governments to help boost sales of finished homes. The index closed at 3,986.30 points, up 34.12 points, or 0.86%. The news helped offset negative factors from contraction in the manufacturing and services sectors. The manufacturing PMI stood at 49.8 in August, up from 49.2 in July and better than the 49.6 analysts had expected, but still below 50, indicating a second consecutive month of contraction. The non-manufacturing PMI was 49, unchanged from July. Banking stocks led the market, with Industrial and Commercial Bank of China rising 2.67%, Agricultural Bank of China up 1.91%, China Construction Bank gaining 2.71%, and Bank of China Limited surging 5.17%.