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February 21, 2020

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Shanghai composite index crosses 3,000-point threshold

CHINESE stocks rallied yesterday with a surge in technology and securities industries.

The benchmark Shanghai Composite Index gained 1.84 percent to close at 3,030.15 points. The Shenzhen Component Index surged 2.43 percent to 11,509.09 points.

Trading volume on the two bourses hit 1.07 trillion yuan (US$152.9 billion), compared with 1.04 trillion yuan in the previous session.

The China Growth Enterprise Market index rallied 2.21 percent to 2,186.74 points. But only 17 of total 87 shares gained on the SSE STAR Market.

The increase in trade volume and recovering market confidence have boosted securities shares, which still depend heavily on commission fees.

CITIC Securities surged 5.92 percent to close at 25.42 yuan while Huawei Securities gained 5.20 percent to 20.45 yuan.

Huawei is to launch a new flagship model with foldable screen next week. The new smartphone release news — from Huawei, Xiaomi to Vivo — boosted shares of technology firms producing screens, cameras and other components.

TCL, which may offer screens for the new smart devices, surged by the 10 percent daily cap to close at 6.70 yuan.


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