China stocks stage moderate rally

BEIJING - China's stocks extended a small rally on Monday as property shares rose mostly after latest government statistics showed home prices continued declines in May.

The National Bureau of Statistics announced Monday that 43 of a statistical pool of 70 major cities saw new home prices drop last month, while prices in 21 other cities remained unchanged.

The performance was also boosted by results from Sunday's parliamentary elections in Greece that show the pro-bailout conservative New Democracy party beat the anti-bailout leftist Syriza party, easing fears that Greece may exit the eurozone.

Markets in Japan and the Republic of Korea were also lifted with the key Nikkei index closing sharply higher at 8,721.02, up 1.77 percent. The benchmark Korea Composite Stock Price Index rose 1.81 percent to 1,891.71.

In the Chinese market, combined turnover of the Shanghai and Shenzhen bourses came to 125.52 billion yuan ($19.92 billion), slightly down from 132.73 billion yuan the previous trading day.

Home appliance and cement stocks led the rise while insurance and bank shares saw moderate drops.

Tongling Jingda Special Magnet Wire Co Ltd jumped 7.25 percent to 7.1 yuan per share; Huaxin Cement Co Ltd rose 2.6 percent to 14.6 yuan. Bucking the trend, the Industrial and Commercial Bank of China, the nation's largest bank by market value, dipped 0.75 percent to 3.95 yuan while the Huaxia Bank Co Ltd fell 0.74 percent to 9.43 yuan.

Gainers outnumbered losers 750 to 141 in Shanghai and by 1,215 to 208 in Shenzhen.

The benchmark Shanghai Composite Index closed at 2,316.05, up 9.2 points, or 0.4 percent.

The Shenzhen Component Index closed at 9,979.06, up 93.41 points, or 0.94 percent.