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SHANGHAI: China shares rose on Monday, bouncing back from a sharp drop last week, as authorities reported no new local Covid-19 cases for the first time since July and as regulators moved to further open the country's financial markets.
At the close, the blue-chip CSI300 index was 1.4% higher at 4,835.88 points after falling more than 3.5% last week.
The Shanghai Composite Index gained 1.5% to 3,477.13 points.
China on Monday reported no new local Covid-19 cases for the first time since July, offering more signs that the current outbreak, which began late last month, may taper off soon.
The Hong Kong stock exchange said on Friday it would launch MSCI China A-share futures in October, potentially removing a major market accessibility issue.
"We view this as a strong testament of the Chinese authorities' commitment to further liberalise the onshore capital markets and support (cross-border) equity flows," Goldman Sachs said in a note.
Especially at a time when recent regulation changes have cast doubts among investors on policymakers' strategic priority towards the financial markets."
The high-end equipment manufacturing sub-index gained 3.5%, after China said last Thursday that state-owned giants should step up innovation and strengthen tech research for industrial machines, high-end chips, new materials and new energy vehicles.
The A sub-index tracking coal firms rose 3.6%, after local media reported China would suspend coal imports from Mongolia through its Ganqimaodu customs for two weeks due to pandemic prevention. An official from the local customs bureau, however, told Reuters all import activities were normal. - Reuters