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BEIJING, Nov. 24 -- China's interest rate cuts boosted stock market sentiment on Monday, bringing the key index to a three-year high, with brokerage and property developers leading the gains.

The benchmark Shanghai Composite Index rose 1.85 percent to finish at 2,532.88 points, the highest level since September 1, 2011.

The smaller Shenzhen Component Index closed at 8,577.91 points, up 2.95 percent.

Total turnover on the two bourses expanded a massive 584 billion yuan (95 billion U.S. dollars) from the previous day's trading of 370 billion yuan.

China cut the benchmark interest rates for the first time in more than two years as policy makers stepped up support for the world's second-largest economy.

The one-year lending rate was reduced by 40 basis points to 5.6 percent, while the one-year deposit rate was lowered by 25 basis points to 2.75 percent, the People's Bank of China said on Friday evening.

Brokerage shares rose across the board. China Merchants Securities, Gf Securities and Founder Securities moved up by the daily trading limit of 10 percent.

In the property sector, 12 shares soared by the daily limit of 10 percent, including Poly Real Estate, the country's second largest developer by market value. China Vanke, the largest property developer, surged 8.32 percent.

Insurance firms and Internet companies also performed well.

Despite the positive sentiment, a BofA Merrill Lynch Global Research report warned that the rate cut is a short term sentiment boost only. "We do not expect the bounce to last more than a few days. Also the asymmetric cut is negative for banks' earnings," said the report.

Bank shares were reduced by the asymmetric interest rate cuts -- big for lending and small for deposit. In the financial sector, all the four shares that recorded losses are bank shares.

The ChiNext Index, a NASDAQ-style board tracking growth enterprises, closed 0.20 percent higher at 1,507.81 points.