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Shanghai index posts biggest single-day rally in 15 months
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SHANGHAI stocks skyrocketed today, with brokerages and coal producers leading the upward trend on speculation that the central bank will further loosen monetary policies.
The Shanghai Composite Index was up 3.11 percent to close at 2,763.55 points. It’s the biggest single-day rally in 15 months.
Shenyin Wanguo Securities said massive gains in the previous week have ignited investors’ passion in expecting an even stronger market. Expectations are high that the central bank might announce a reduction in the reserve requirement ratio on banks.
Founder Securities, Everbright Securities and Soochow Securities all surged by the daily limit of 10 percent to 10.88 yuan, 21.41 yuan, and 17.82 yuan respectively.
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