China stock market: Shanghai share index rallies above 4,000, first time since July 2

By: |
Updated: July 13, 2015 11:40:12 AM

China stocks extended their rebound on Monday, with the Shanghai Composite Index rising over 4,000 points - a key psychological level - for the first time since July 2.

china stock market newsChina stocks extended their rebound on Monday, with the Shanghai Composite Index rising over 4,000 points – a key psychological level – for the first time since July 2. (Reuters)

China stocks extended their rebound on Monday, with the Shanghai Composite Index  rising over 4,000 points – a key psychological level – for the first time since July 2.

The benchmark index has so far rebounded nearly 20 percent from a four-month low hit last Thursday.

But the index is still down about 23 percent from its June 15 peak, when a three-week rout began that led to government taking a series of market support measures.

The Shanghai index is now mid-way between last week’s bottom and a perceived ceiling of 4,500 points, a level below which a government-backed bailout fund, formed by 21 brokerages, has promised not to sell.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.