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Shares close at highest in 3 weeks
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SHANGHAI stocks yesterday closed at the highest in three weeks after metal producers and water conservation companies gained.
The Shanghai Composite Index added 1.08 percent to end at 2,867.34 points.
TX Investment said in a research note yesterday that market sentiment was generally upbeat after the Lunar New Year’s holiday with more capital flowing into the stock market and on hopes that some undervalued shares might rebound in the coming days.
Water conservation related shares surged after the National Development and Reform Commission said on its official website yesterday that it would encourage the construction of a water conservation infrastructure network.
China Gezhouba Group Co jumped 3.60 percent to 5.76 yuan. Chongqing Three Gorges Water Conservancy And Electric Power Co Ltd surged by the daily limit of 10 percent to 26.08 yuan.
Virtual reality concept stocks continued to fuel investor enthusiasm with Daheng New Epoch Technology and seven others rallying by the daily maximum of 10 percent.
The shipbuilding and aviation sectors also recovered from earlier losses, with China Shipping Container Lines Co rising 3.49 percent to 4.75 yuan and Air China adding 0.57 percent to 7.09 yuan.
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