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February 18, 2020

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Stocks rise across board

Chinese stocks surged by more than 2 percent Monday amid increased trade volume due to greater liquidity, a change in refinancing policies and regained confidence.

At the close, the benchmark Shanghai Composite Index was up 2.28 percent to 2,983.62, while the smaller Shenzhen Component Index increased 2.98 percent to 11,241.50 points.

Trading volume on the two bourses totaled 937.2 billion yuan (US$133.9 billion), 15 percent higher than the previous trading day.

The GEM (China Growth Enterprise Market) index jumped 3.72 percent to hit 2,146.18, its highest since December 2016. On the SSE STAR Market, 84 of the 86 total shares increased.

“More long-term funds are expected to start a bull market, as 3,000 points is just the beginning,” said Li Daxiao, chief economist at Yingda Securities.

By mid-February, financial institutions had released more than 537 billion yuan in credit support to fight the coronavirus epidemic, according to the central bank.


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