China: Shares close higher

[SHANGHAI] China's benchmark stock index closed up 2.41 per cent on Monday in a day of rollercoaster trading after authorities unveiled an unprecedented package of measures designed to shore up a plunging market.

The Shanghai Composite Index jumped 88.99 points to 3,775.91 on turnover of 943.4 billion yuan ($154.2 billion) on Monday. It surged 7.82 per cent at the open but fell as much as 0.92 per cent during the day.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, lost 2.70 per cent, or 56.63 points, to 2,041.85 on turnover of 609.1 billion yuan. It fell as much as 5.53 per cent, wiping out an earlier gain of 6.55 per cent.

The Chinese market - which is partially insulated from the global financial system - was not focused on Greece, which sent most Asian markets down on Monday after Greek voters rejected more austerity demands from creditors.