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April 11, 2019

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Markets close mixed, but turnover rises

Chinese stocks closed mixed again yesterday with the three major indexes continuing to correct.

The Shanghai Composite Index edged up 0.07 percent to 3,241.93 points.

The Shenzhen Component Index slipped 0.01 percent to finish at 10,435.08 points. The ChiNext fell 0.83 percent to 1,726.64 points.

Turnover on the Shanghai and Shenzhen bourses rebounded moderately to 899 billion yuan (US$133.76 billion) from Tuesday’s 840 billion yuan.

Consumption-related industries including pharmaceuticals, food and beverage and liquor firms were among the day’s major gainers as the government cuts taxes and fees to boost consumer spending.

Jiangsu Lianhuan Pharmaceutical Co, Hunan Jiudian Pharmaceutical Co and Chongqing Fuan Pharmaceutical Co were among the stocks that hit the 10 percent daily cap. Luzhou Laojiao and Kweichow Moutai Co jumped 5.23 percent and 4.75 percent — with the latter staying above 900 yuan for the third day.

Automakers recorded the strongest performance, gaining 3.58 percent.

Everbright Securities says market momentum is expected to remain at the current high level with optimism among investors continuing for some time.


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