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China's main stock index closed near a six-and-a-half-month high on Monday, with the U.S. Federal Reserve (Federal Reserve/FED) meeting this week taking a pigeon stance and Beijing's high expectations of policies to boost economic growth supporting market sentiment.
The Shanghai-Shenzhen 300 index. CSI300 closed up 2.85% at 3,851.75, while the Shanghai Composite Index. SSEC closed up 2.47% at 3,096.42.
By the end of the day, both indices were close to their highest levels since the end of May 2018.
Market rumors that the Fed will lower its interest rate forecasts suggest that there will be no further tightening this year, or that the rate of tightening will be modest.
Chinese Premier Li Keqiang said on Friday that the Chinese government has additional monetary policy measures to support economic growth this year, and will severely assist with large-scale tax cuts.
Li Keqiang's comments suggest that the Chinese authorities are prepared to propose more stimulus measures to ensure that the economy achieves the growth target of 6.0-6.5%.
"Overall, we are very bullish on China's stock market and continue to be bullish after the recent rally," Laura Wang, China's stock market strategist at Morgan Stanley, said at a media briefing that improved corporate profits and Beijing authorities'policies will support growth, and that Sino-US trade negotiations will progress.
She said A shares have 10-15% upside space and suggested that global investors further increase exposure to Chinese stocks.
Consumer stocks led the rally, with the main consumer index of China Stock Exchange up 6.0%.
The sub-index recorded its best performance since July 10, 2015.
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