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October 19, 2016

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Shares rally on optimism over reform efforts

SHANGHAI stocks rallied yesterday after state-owned firms rose on optimism over China’s reform to rejuvenate the world’s second-largest economy.

The Shanghai Composite Index gained 1.4 percent to close at 3,083.88 points.

“State-owned companies are stimulated by the accelerated progress of reforms such as industry reorganization and the upcoming launch of debt-for-equity swaps,” Zhao Youqi, analyst with Changjiang Securities, said in a note yesterday.

China Railway Group Ltd surged 8.7 percent to 8.65 yuan (US$1.28). China Communications Construction Co surged 7.4 percent to 13.14 yuan.

Brokerages also rose ahead of the launch of the Shenzhen-Hong Kong trading link.

Pacific Securities Co rose 4.9 percent to 5.18 yuan, and Dongxing Securities Co added 3.7 percent to 23.47 yuan.

The Shenzhen Stock Exchange, Hong Kong Exchanges & Clearing Ltd, and clearing service companies will jointly conduct a test run of the Shenzhen-Hong Kong Stock Connect this week. The official launch of the scheme is widely expected to be next month.


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