At closing bell, the benchmark Shanghai Composite Index was up 0.78%, or 27.24 points, to 3,517.62. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.15%, or 26.46 points, to 2,320.33. The blue-chip CSI300 index climbed up 1.46%, or 74.39 points, to 5,184.98.
All sub-gauges except the measure of financial shares gained on the index, with materials and consumer discretionary firms leading. The strength of consumer stocks came as China is ramping up vaccination following the detection of its first new Covid-19 case cluster in months. Almost 14 million vaccines were administered on Friday, according to figures from the National Health Commission, a record for the country that means China is closer to its target of vaccinating 40% of its population by the end of June.
ECONOMIC NEWS: China's industrial output grew 9.8% in April from a year ago, slower than the 14.1% surge in March, according to National Bureau of Statistics data released on Monday. Retail sales rose 17.7% year-on-year in April, down from the 34.2% jump seen in March. Fixed asset investment increased 19.9% in the first four months from the same period a year earlier, slowing from January-March's 25.6% increase.
CURRENCY NEWS: China yuan was virtually flat against the dollar on monday, despite firmer mid-point fixing by central bank amid disappointing economic activity indicators. Prior to market opening, the People's Bank of China (PBOC) fixed the midpoint rate CNY=PBOC at 6.4307 per dollar, 218 pips or 0.34% firmer than the previous fix of 6.4525. In the spot market, the onshore market CNY=CFXS was changing hands at 6.4383, weaker by 8 pips than the previous late session close.
The People's Bank of China added 100 billion yuan ($15.5 billion) of one-year funds with its medium-term lending facility on Monday at an unchanged rate of 2.95%
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