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August 4, 2016

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Investors buoyed by government moves

SHANGHAI shares edged up again yesterday as the market was buoyed by the continuing reform in state-owned enterprises and an announcement that private investment would be encouraged in advanced industries.

The Shanghai Composite Index added 0.24 percent to close at 2,978.46 points.

China is encouraging the development of advanced industries, including green energy and intelligent manufacturing while continuing SOE reform and cutting excess capacity.

Shanghai Huayi Group Corporation, a state-owned chemical group, surged by the daily limit of 10 percent to 20.54 yuan (US$3.1), as did Y.U.D.Yangtze River Investment Industry Co to 24.9 yuan.

Graphene producer Fangda Carbon New Material Co climbed 5.94 percent to finish at 10.53 yuan.


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