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Shanghai shares up 2.44%, closing at 7-year high

Chinese shares ran bullish on Wednesday, closing at their highest level in more than seven years following fluctuations and a record high transaction value on Monday.

The key Shanghai Composite Index rose 2.44 percent, or 104.87 points, to finish at 4,398.49 points. The index touched 4,400 points during the afternoon trading session, its highest level since March 7, 2008, when it closed at 4,300.52 points.

The smaller Shenzhen Component Index advanced 2.15 percent, or 310.14 points, to close at 14,749.13 points. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, soared 2.68 percent, or 68.84 points, to end at 2,634.93 points.

Combined turnover for the two bourses rose to 1.66 trillion yuan (US$270.8 billion) from Tuesday's 1.44 trillion, but down from Monday's record high of 1.8 trillion yuan.

During Wednesday's trading, gainers outnumbered losers by 883 to 43 in Shanghai and by 1,327 to 71 in Shenzhen.

Shares of the securities, pipeline transportation, information dissemination and medical equipment industries were among the largest gainers. Stocks of aviation transportation, food and beverage industries were among the lowest gainers.

All 20 securities firms trading on Wednesday gained, with the sub-index tracking the sector jumping 6.25 percent. Haitong Securities jumped by the daily 10-percent limit to end at 30.22 yuan.

Shares of China's top bullet train makers, CSR Corp. and CNR Corp., which soared between March 17 and April 20 and saw their prices more than double in one month, tumbled again, by 4.96 percent and 5.79 percent respectively to 30.26 yuan and 31.89 yuan. They slipped by the daily limit of 10 percent on Tuesday.

Analysts attributed the robust performances on Wednesday to constant capital inflows into the stock market.

On Monday, Chinese stocks experienced a roller coaster-like trading day as shares were bullish in the morning trading session and bearish in the afternoon, after a reserve requirement ratio (RRR) cut and new short-selling measures.


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