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March 22, 2019

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Stocks gain on US rate outlook

Shanghai stocks topped the above 3,100-point mark yesterday after the US Federal Reserve indicated rates would not be hiked again this year.

The Shanghai Composite Index rose 0.35 percent to 3,101.46 points. The Shenzhen Component Index rose 0.71 percent to end at 9,869.8 points, while the blue chip CSI300 index edged up 0.04 percent at 3,836.89 points.

Turnover for the two major markets expanded sharply to 885.9 billion yuan (US$132.4 billion) from 779.9 billion yuan.

More than 100 companies listed on the A-share markets rose by the daily 10 percent cap.

The US Federal Reserve on Wednesday cut its growth forecast to 2.1 percent for 2019, and announced that it will stop shrinking its bond portfolio in September.

Technology sectors including software and computer hardware shares were among the biggest gainers. Client Service International, Shanghai East-China Computer Co and Shenzhen Kaifa Technology all surged by the daily limit.

Stocks related to the National Radio and Television Administration posted sharp rises. Guangxi Radio and Television Information Network Corporation, Shaanxi Broadcast & TV Network Intermediary Co and seven other companies all hit the daily cap.

On March 20, Zhang Hongsen, deputy director of the National Radio and Television Administration, said it was working to develop its 5G network.


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