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Chinese shares closed higher Monday

Xinhua Financein BEIJING
2017-03-20 15:50

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Chinese stocks fluctuated and struggled to end in positive territory on Monday, with the benchmark Shanghai Composite Index up 0.41 percent to 3,250.81 points. 

The smaller Shenzhen index closed 0.16 percent higher at 10,532.33 points. The ChiNext Index, which tracks China's high-growth enterprises, gained 0.21 percent to close at 1,953.82 points. 

Combined turnover expanded to 495.73 billion yuan (about 71.95 billion U.S. dollars). 

After the market close on Friday, Beijing announced new curbs on the city's real estate market, joining several other cities in efforts to cool down surging prices. 

Second home buyers must put down at least 60 percent of the transaction price, and anyone with mortgage records, but no home to sell, will be considered a second home buyer, according to the Beijing Municipal Commission of Housing and Urban-Rural Development. 

Shares of leading real estate developer China Vanke Co., Ltd. went down 1.9 percent to end the day at 21.13 yuan per share, while Poly Real Estate Group closed at 9.62 yuan per share, down 1.23 percent. 

On the liquidity front, China's central bank renewed its net cash injections via open market operations Monday after suspending the move for 17 trading days. 

The People's Bank of China (PBOC) conducted 100 billion yuan (about 14.5 billion U.S. dollars) of reverse repos, a process by which the central bank purchases securities from banks through bidding, with an agreement to sell them back in the future. 

​The injection saw a net 40 billion yuan pumped into the market, offset by 60 billion yuan in maturing reverse repos.
 
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