Chinese stocks rally as IPO ban lifted

Chinese equities rose on Monday, underpinned by a move on Friday to allow initial public offerings to resume after a more than three-month halt.

The Shanghai Composite Index rose 1.6 percent to 3,646.88 points.

"The relaunch of IPOs gave out a sign that the market has started to be normal and relatively stable after a series of crackdowns and corrections," said an equity trader at a securities company in Shanghai."The banking shares, with low valuations, might be the first choice for investors, attracting bargain-hunting buyers."

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