Shares of Bank of Communications surged 5.81% on Monday, outperforming the broader market, after China's central bank announced a slew of measures aimed at reviving the country's slowing economy and beleaguered property sector.

At a joint press conference on Tuesday, the People's Bank of China (PBOC) unveiled a stimulus package that included a 50 basis point cut to banks' reserve requirement ratio and a 20 basis point reduction in the seven-day reverse repo rate. The central bank also announced plans to lower the minimum down-payment ratio for second home purchases to 15%, the same level as for first homes.

Additionally, the PBOC will expand funding for banks to extend loans to property developers through a destocking scheme for unsold homes. The central bank also plans to cut rates on existing mortgages by around 50 basis points on average, bringing them closer to rates on new mortgages.