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June 22, 2017

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Stocks rally on decision

SHANGHAI stocks rose yesterday as market sentiment was lifted by the announcement that China’s A shares will be included in two of MSCI’s global indexes.

The Shanghai Composite Index rose 0.52 percent to 3,156.21 points. The blue-chip CSI 300 index shook off early profit-taking to end up 1.2 percent at 3,587.96 points, its highest close since December 31, 2015.

MSCI said 222 large-cap A-share companies will be added to its Emerging Markets Index and All Country World Index.

“The inclusion will definitely boost market sentiment as well as market liquidity, and additional capital inflows will go into the A-share market in the medium to long term,” said Raymond Ma, portfolio manager at Fidelity International Ltd.

John Sin, head of asset servicing for China at US-based investment bank BNY Mellon, said: “China’s inclusion in MSCI’s Emerging Market Index symbolizes China’s inevitable rise and increased relevance within global portfolios.”

Ping An Insurance (Group) Co jumped 2.77 percent to 49.43 yuan (US$7.24).


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