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July 14, 2017

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Shares rebound after 3 days of losses

SHANGHAI stocks gained yesterday for the first time this week after better-than expected foreign trade data for the first half.

The Shanghai Composite Index rose 0.64 percent to 3,218.16 points with turnover almost unchanged at 211 billion yuan (US$31 billion).

Overseas markets were also boosted by the US Federal Reserve’s signal to adopt a patient approach to rate tightening.

Blue chips continued their gains after data showed exports rose 11.3 percent last month from a year earlier, while imports expanded 17.2 percent, suggesting economic recovery is on a solid track.

Shanghai Pudong Development Bank gained 3.19 percent and China Merchants Bank rose 2.30 percent. Steelmakers, including Baogang Iron & Steel and well as Nanjing Iron & Steel, gained more than 1.8 percent.

“The market in the near future is still uncertain with new shares set to put new pressure on liquidity and how the blue chips will perform also remains unknown,” Shenwan Hongyuan Securities said in a research note.


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