Volatile Shanghai stocks close up 2.41%

China's benchmark stock index closed up 2.41 percent on Monday in a day of rollercoaster trading after the government unveiled an unprecedented package of measures to boost the slumping market.

The Shanghai Composite Index jumped 88.99 points to 3,775.91 on turnover of 943.4 billion yuan ($154.2 billion). It surged 7.82 percent at the open but fell as much as 0.92 percent during the day.

The Shenzhen Composite Index, which tracks stocks on China’s second exchange, lost 2.70 percent, or 56.63 points, to 2,041.85 on turnover of 609.1 billion yuan. It fell as much as 5.53 percent, wiping out an earlier gain of 6.55 percent.