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Chinese shares soar 5% Monday

CHINESE shares soared on Monday after positive data on China's manufacturing activities in May.

The benchmark Shanghai Composite Index soared 4.71 percent to finish at 4,828.74 points. The Shenzhen Component Index rocketed 5.07 percent to close at 16,917.53 points.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 4.97 percent to end at 3,718.75 points.

Total turnover on the two bourses shrank to 1.81 trillion yuan (US$296.65 billion U.S. dollars) from the previous trading day. Nearly 450 shares rose by the daily limit of 10 percent.

Coal sector led the rise and gained 7.93 percent. China Shenhua Energy Co., the country's largest coal producer, gained by 10 percent to 22.62 yuan per share.

The official manufacturing purchasing managers' index (PMI), a key measure of factory activity in China, was 50.2 in May, up from 50.1 in April and March.

But the HSBC/Markit PMI for China's manufacturing sector was less optimistic. It stood at 49.2 in May, indicating contraction.

The Chinese stock market experienced sharp rises and falls last week.

On Thursday, the benchmark Shanghai Composite Index dived 6.5 percent to finish at 4,620.27 points, after closing at a fresh seven-year high the previous day.


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