Shanghai Composite rises 0.8% in post-holiday trade

Mainland China market closed at highest level in 19 months on Wednesday, 08 October 2014, the first trading session after a week-long holiday closure, with shares of property developers being major gainers. The benchmark Shanghai Composite index advanced 18.92 points, or 0.8%, to finish at 2382.79, the highest close since 20 February 2013, when it finished at 2397.18. Mainland markets were shut from Oct. 1 to Oct. 7 for the National Day holidays.

Over the Golden Week holidays there was an important change in housing policy, with a major relaxation of mortgage policies. Last week, China announced fresh steps to boost the sagging property sector, including granting second-home buyers that have paid off their first mortgage access to lower mortgage rates and lower down-payment requirements.

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