Analyst recaps Chinese stock market performance on Monday

Chinese stocks closed higher on Monday, with the benchmark Shanghai Composite Index up 0.72 percent to 3,559.79 points.

The Shenzhen Component Index closed 0.86 percent higher at 11,007.49 points.

The combined turnover of these two indices stood at 1.7 trillion yuan (about 237.7 billion U.S. dollars), up from 1.57 trillion yuan of the previous trading day.

Stocks related to cement and building materials led the gains, while stocks related to cross-border payment and the banking sector suffered major losses.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 0.87 percent to close at 2,296.88 points.

Timothy Pope, a market analyst, recapped Chinese stock market performance on Monday as follows:

The investors were very excited today about the start of construction work on the Yarlung Zangbo River hydropower project in Xizang. It's a monumental project, costing 170 billion dollars, and will be the world's biggest hydro power dam once it's completed. And at lot of the 0.7 percent gain on the Shanghai Composite Index today came from engineering and construction related stocks, as the capital market really cheers the start of work on that project. A sub-index tracking those stocks was up 4.3 percent. We saw Power Construction Corporation of China up by the daily limit of 10 percent along with a number of others.

And on the exchange in Beijing, the Hunan Wuxin Tunnel Intelligent Equipment Co., which makes machinery for drilling tunnels, was up by 30 percent. Those stocks really were on a roar today.

Rare earth stocks also continued their gains today with China Northern Rare Earth adding 6.3 percent in the wake of export data last month, which showed a sharp rebound in the export of most critical minerals -- this rebound was absolutely massive, it was up 660 percent -- after a deal was struck between China and the U.S..

Elsewhere, the markets didn't even blink over the People's Bank of China's decision to keep interest rates unchanged this month. After a cut in May, any change was seen as quite unlikely this soon. And attentions now will turn to the upcoming July politburo meeting which will set the tone for the government's economic policy for the next few months.

Analyst recaps Chinese stock market performance on Monday

Colombia's Transport Minister Maria Fernanda Rojas on Friday said that flights between her country and Venezuela's capital city Caracas are being targeted by cyber attacks, forcing some Colombian carriers to temporarily suspend services to Venezuela.

"Deceptive signals are being emitted, cyber attacks are taking place, signals are being sent that are intended to deceive GPS positioning equipment," Rojas said in a post to social media platform X on the U.S. attempt to close the Venezuelan airspace, warning that "this has crossed all boundaries."

She called for statements from the International Civil Aviation Organization and other international bodies, declaring that technological sabotage of any civil aviation operation anywhere in the world constitutes a crime.

"We cannot allow this [to happen]. The international community cannot allow this today. Today it is Venezuela, tomorrow it could be Colombia or any other country in the world," the minister added.

Rojas said that flight operations between Colombia and Venezuela will continue.

The Civil Aviation Authority of Colombia said it had held meetings with the Colombian foreign ministry and the affected domestic airline companies to solve the issue as soon as possible.

On Wednesday and Thursday, multiple airline companies such as Panama's Copa Airlines, the Bolivian Aviation, and Colombia's low-budget Wingo all announced suspension of Caracas-bounded flights due to pilot reports on GPS signal disruptions.

The flight irregularities followed U.S. President Donald Trump's announcement a week ago, in which he threatened to close the airspace above and surrounding Venezuela "in its entirety," as his administration continued to ramp up pressure on Venezuelan President Nicolas Maduro's government. Trump's threat has been met with strong condemnation from Venezuela and other countries in the Latin America and Caribbean region.

Colombia says Caracas-bound flights threatened by cyber attacks