Stocks end slightly up on property data

China’s main Shanghai stock market ended slightly firmer on Monday, recovering from earlier losses, while its main blue-chip CSI 300 index also closed up on the day.

At the close, the Shanghai Composite Index was up 0.05 percent at 3,267.92 points while the blue-chip CSI300 index was up 0.11 percent.

The smaller Shenzhen index ended down 0.35 percent and the start-up board ChiNext Composite Index was weaker by 0.19 percent.

The largest percentage gainers in the main Shanghai Composite Index were Hunan Tyen Machinery Co up 10.07 percent, followed by Leshan Electric Power Co gaining 10.04 percent and Tianjin Hi-Tech Development Co up by 10 percent.

The market was earlier weighed down by concerns over tight year-end liquidity after the central bank lifted interbank market rates but sentiment improved in the afternoon, partly aided by property data.

Growth of China’s new home prices sustained momentum in November, data from the National Bureau of Statistics showed on Monday.

With price increases seen in provincial centers and smaller cities, policy makers may need to step up curbs to rein in speculation in the property market.

The People’s Bank of China raised interest rates on reverse repurchase agreements, or reverse repos, used for open market operations, by 5 basis points for the 14-day tenor on Monday, following upward adjustments on other tenors last week.