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June 20, 2019

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Stocks rise on positive US-China vibes

China’s A-stocks gained yesterday, following positive developments in US-China trade relations.

Shares in companies associated with intellectual property protection and integrated circuits posted strong performances in early trading.

The benchmark Shanghai Composite Index rose by 0.96 percent, or 27.64 points to finish at 2,917.80.

The smaller Shenzhen Component Index advanced 1.38 percent to end around 8,925.73 points, while the ChiNext Index was up by 0.98 percent to finish at 1,469.99 points.

The combined turnover of the two bourses surged to 504 billion yuan (US$72.86 billion) from the previous trading day’s figure of 321.7 billion yuan.

The two markets saw broad-based rises, with electronics makers leading the gains, along with leisure service firms and non-banking finance groups.

Shares of Shenzhen Changfang Group Co Ltd, a company committed to promoting the development of LED lighting, jumped by the daily cap of 10 percent to close at 5.78 yuan.

The bounce came after a Xinhua report that Chinese President Xi Jinping held a telephone conversation with his US counterpart Donald Trump on Tuesday at the latter’s request.

Trump said he looks forward to meeting Xi again during the upcoming Group of 20 summit in Osaka later this month.


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