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August 5, 2016

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Home » Business » Finance

Telecom firms push stocks to edge up

SHANGHAI stocks edged up yesterday as telecommunications firms gained following the setup of a domestic chips association, and the purchase of shares in real estate developer China Vanke by its peer China Evergrande.

The Shanghai Composite Index added 0.13 percent to close at 2,982.43 points — a rise for three consecutive trading days.

Telecom shares rose after the announcement that 27 entities such as Huawei, ZTE and the research institute of the Ministry of Industry and Information Technology have set up the high-end chips association, suggesting strong support for advanced industrial development.

Guangdong Super Telecom Co surged by the daily limit of 10 percent to 27.82 yuan (US$4.2) while Jiangsu Changjiang Electronics Technology Co, a semiconductor producer, rose 5.07 percent to 18.02 yuan.

Investors also took comfort that China Evergrande Group bought millions of shares from China Vanke Co, the country’s largest home builder, which also jumped by the 10 percent daily cap.


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