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March 8, 2019

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Investors cash in after days of strong runs

China’s stock markets edged up slightly yesterday after surging the last few trading days but the increased trading volume suggests ample capital liquidity.

The benchmark Shanghai Composite Index rose 0.14 percent to close at 3.106.42 after intra-day fluctuations saw it drop to 3,074.98 in the morning session.

But the index rebounded in the afternoon, with securities and tech shares leading the surge.

The smaller Shenzhen Component Index dropped 0.23 percent to close at 9,678.11. The GEM, or Growth Enterprise Market, also decreased 0.48 percent to 1,692.42.

The markets became relatively cautious as some investors sold shares to lock in profit, analysts said.

The trade volume of Shanghai and Shenzhen markets totaled 1.16 trillion yuan (US$173.1 billion). That is slightly higher than the previous day’s volume of over 1.1 trillion yuan, which was the highest since November 2015.

The Shanghai index and the increased trade volume suggest investor confidence and ample liquidity.

New York-based MSCI said it will remove Han’s Laser Technology Industry Group Co from its China indexes after Friday’s close because the stock had reached the 28 percent ownership limit that halted orders.

Midea Group Co, which is also close to the ceiling allowed for overseas holdings, will see its weight adjusted due to concern over accessibility, effective from March 11, Bloomberg reported yesterday.


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