Shanghai shares end at 8-month high, property sector strong

HONG KONG Mon Aug 11, 2014 3:07am EDT

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HONG KONG Aug 11 (Reuters) - Shanghai shares ended at their highest in eight months on Monday, as mild consumer inflation data over the weekend was seen giving the authorities room to further relax monetary policy.

Progress with the Hong Kong-Shanghai Stock Connect scheme was another catalyst. The 21st Century Business Herald reported on Saturday that the Shanghai Stock Exchange would start related trials on Monday, with all tests expected to finish by Sept. 30.

The Shanghai Composite Index ended up 1.4 percent at 2,224.65 points, the highest close since Dec. 10. The CSI300 of the leading Shanghai and Shenzhen A-share listings rose 1.5 percent.

Property developers outperformed, lifted by policy easing from more cities and provinces. China Vanke climbed 1.8 percent and Poly Real Estate 1.1 percent.

Some agricultural stocks surged between 6 and 10 percent after China's central bank on Friday increased its assistance for the farming sector and micro firms by enlarging a programme that offers discounted loans by 12 billion yuan ($1.95 billion).

(US$1 = 6.1553 Chinese yuan) (Reporting by Grace Li; Editing by Jacqueline Wong)

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