February 29, 2016 / 5:56 AM / 4 years ago

China stocks close up on late afternoon rally

Investors check stock information at a brokerage house in Nantong, Jiangsu province, February 25, 2016. REUTERS/China Daily

SHANGHAI (Reuters) - China stocks closed up on Tuesday led by a late afternoon rally after the central bank cut reserve requirements for banks on Monday evening, the latest effort by authorities to try and shore up a faltering economy.

The CSI300 index .CSI300 of the largest listed companies in Shanghai and Shenzhen rose 1.9 percent, to 2,930.69, while the Shanghai Composite Index .SSEC gained 1.7 percent, to 2,733.17 points.

Indexes were led by financials and industrials with property shares outperforming, the last on signs of rising speculative interest in tier one markets.

Gains were checked by disappointing manufacturing and service sector surveys, which highlighted the wider challenges faced by the world’s second-largest economy.

Reporting by the Shanghai Newsroom; Editing by Shri Navaratnam

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