Sydney - Australian shares leapt 3.7 per cent at the opening bell Monday following a short-selling ban, which was implemented to stabilize the market.

The ASX 200 rose 179 points, or 3.7 per cent, to reach 4,983.

Trading was postponed for an hour until the Australian Stock Exchange received confirmation that the 30-day ban did not apply to share contracts already taken out.

Market regulators in Australia have gone further than their counterparts in the United States and Europe by banning all short selling, rather than just short selling in financial stocks. (dpa)