Hong Kong, Oct 22, 2018 (AFP) Shanghai stocks surged more than four percent on Monday, extending a rally at the end of last week, after Chinese authorities unveiled tax cut plans and President Xi Jinping added to a coordinated drive to support the country's markets.
The benchmark Shanghai Composite Index surged 4.09 percent, or 104.41 points, to 2,654.88, marking the largest daily gain since early March 2016. It also rose 2.58 percent Friday.
The Shenzhen Composite Index, which tracks stocks on China's second exchange, advanced 4.90 percent, or 61.92 points, to 1,325.73.
Hong Kong's Hang Seng Index also rallied, adding 2.32 percent, or 591.75 points, to 26,153.15.
