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April 4, 2019

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Local index highest for 14 months

Shanghai shares hit a 14-month high yesterday, closing above 3,200 points led by the transport and free trade sectors and after four days of gains.

The Shanghai Composite Index jumped 1.2 percent but turnover dipped to 442.6 billion yuan (US$65.1 billion).

The China Securities Regulatory Commission might lift restrictions on refinancing by listed companies, the 21st Century Business Herald reported, citing unnamed sources.

At least a dozen brokerages jumped on the news, including Haitong Securities and Sinolink Securities, amid hopes these steps would boost income.

Stocks related to the Shanghai free trade zone and breweries were also among the brightest performers.

COSCO Shipping Development Co and COSCO Shipping Holdings Co both jumped by the daily limit of 10 percent.

Centaline Securities wrote in a research note that breaking through the 3,100 points threshold has given new momentum for the index to climb higher.

But it remains cautiously optimistic about the market performance.

Galaxy Securities also suggests investors add brokerages, bluechip financial shares and property stocks to their portfolios.


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