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Shanghai shares gain 1.7% this week

SHANGHAI stocks rose on Friday, notching a four-day growth as bolstered by policies to ensure liquidity and upgrade the economy.

The Shanghai Composite Index added 0.26 percent to 3,158.40 points. Over the week the index gained 1.7 percent following the continuous rally since Tuesday, ending a two-week decline.

The central bank injected 60 billion yuan (US$8.8 billion) into the banking system via reverse repurchase agreements following the injection of 150 million yuan on Thursday, which eased the financial strain to boost investment sentiment, said Chen Jian, consultant at Datong Securities.

Officials also enhanced liquidity by limiting the approvals of initial public offerings since last week, China Merchants Fund said.

Alongside the financial operations, the government’s call for upgrading “real economy” led by the state-owned enterprises added incentives to the market rebound. Shanghai’s SOEs led the growth on Friday after the government held a SOE reform meeting to fasten its pace.

Shanghai Sanmao Enterprise Co, a state-owned property company, jumped by the daily limit of 10 percent to 14 yuan, as did Shanghai Jin Jiang International Industrial Investment Co to 17.53 yuan.


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