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1st LD-Writethru: Chinese shares surge 2.59 pct Monday

Xinhua, March 30, 2015 Adjust font size:

Chinese stocks surged on Monday over strong property, financial and infrastructure shares.

The benchmark Shanghai Composite Index soared by 2.59 percent to finish at 3,786.57 points.

The Shenzhen Component Index went up 2.48 percent to close at 13,193.32 points.

Combined turnover on the two bourses expanded to 1.22 trillion yuan (198.59 billion U.S. dollars) from 950.25 billion yuan the previous trading day.

China unveiled on Saturday the principles, framework, and cooperation priorities and mechanisms in its Belt and Road Initiative in a bid to enhance regional connectivity and embrace a brighter future together.

Related shares of infrastructure, water conservation and transportation all ended the trading day with outstanding performances as 15 shares hit the daily increase limit of 10 percent, including Power Construction Corporation, China Communication Construction Company, China West Construction Group and Xinjiang Urban Construction.

Meanwhile, property and financial shares led the gains with sub-index up 3.39 percent and 3.08 percent, respectively.

Poly Real Estate Group, one of China's property heavyweights, surged 10 percent to close at 11.85 yuan per share. Industrial Bank gained 8.82 percent to 18.5 yuan per share. Huatai Securities jumped 6.63 percent to 28.79 yuan per share.

Bucking the trend, the software sector reversed previous strong momentum with five shares slumping over 9 percent.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 1.44 percent to end at 2,290.48 points. Endi