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March 13, 2019

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Stocks continue fightback from Friday’s plunge

Chinese stocks rallied again yesterday after a major rebound on Monday, with gains across most sectors.

And total turnover for Shanghai and Shenzhen hit 1.13 trillion yuan (US$168.20 billion), up from 944 billion yuan on Monday.

The Shanghai Composite Index rose 1.1 percent to close at 3,060.31 points after reaching an intra-day high of 3,093.39 points, extending its strength for the second consecutive day following a collapse on Friday.

The smaller Shenzhen Component Index gained 1.41 percent to 9,841.24 points, while the ChiNext jumped 2.64 percent to a year high of 1,773.43 points on turnover of an all-time high of 212.6 billion yuan.

Agriculture-related companies were among the top gainers, rising an average 7.16 percent — with several livestock and poultry-raising firms, including Chuying Agro-Pastoral Group and Dahu Aquaculture Co, surging the 10-percent daily cap.

Telecoms services providers and media firms also saw strong gains. China Unicom, the country’s second-biggest mobile carrier, jumped 9.01 percent to 7.5 yuan.

Shanghai Oriental Pearl Media Co surged 10.03 percent to 12.94 yuan and Hunan Tianrun Digital Entertainment & Cultural Media Co advanced 10.12 percent to 4.68 yuan.


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