Shanghai shares climb back above 3,000-point level

China stocks posted a major rebound on Monday, with Shanghai shares climbing above the key 3,000-point level again.

China stocks posted a major rebound on Monday, with Shanghai shares climbing above the key 3,000-point level again, retrieving part of Friday's losses which were the largest setback so far this year.

The Shanghai Composite Index advanced 1.92 percent to close at 3,026.99 points amid a rally across various sectors. The smaller Shenzhen Component Index rose 3.64 percent to 9,704.33 points, while the ChiNext Index, China's Nasdaq-style board of growth enterprises, surged 4.43 percent to 1,727.8 points.

The total turnover on the Shanghai and Shenzhen bourses reached 944.46 billion yuan (US$140.4 billion), compared with some 1.18 trillion yuan on Friday, with a tumble of 4.4 percent in the Shanghai market and a dive of 3.25 percent in the Shenzhen bourse.

The extra-high voltage power grids and smart grid shares, among others, were the biggest gainers, mainly boosted by a State Grid teleconference held last week that vowed to upgrade the country's power network in phases. In contrast, financial shares posted rather minor increases, with banks edging up 1.06 percent, securities firms gaining 1.35 percent and insurers rising 2.35 percent.

Logistics companies also posted a significant gain of 4.84 percent on Monday, primarily fuelled by the news that the country's e-commerce giant Alibaba Group Holding Ltd has decided to acquire a 14.65-percent stake in the Shenzhen-listed courier company STO Express through a 4.66 billion yuan deal.

STO Express, which went public at the end of 2016, surged 9.98 percent to 22.48 yuan, while several of its counterparts, including YTO Express, also jumped by the daily cap of 10 percent.

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