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Securities shares triumph in market rally

2013-08-27 08:36 Global Times Web Editor: qindexing
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Stock markets in Shanghai and Shenzhen rallied Monday as rising confidence bolstered heavily weighted sectors.

The Shanghai Composite Index gained 39.02 points, or 1.9 percent, to close at 2,096.47; while the Shenzhen Component Index advanced 2.06 percent, or 168.29 points, to finish at 8,334.57.

Combined turnover at the two exchanges totaled 214.2 billion yuan ($35.00 billion). down from Friday's 220.8 billion yuan.

Both markets spent most of Monday drifting higher as the banking, securities, medical and coal sectors plowed into positive territory. Afternoon jumps among automobile and media shares added further fuel to the day's broad upswing.

Representatives from the Shanghai Stock Exchange said Sunday that the fallout generated by Everbright Securities' recent trading error has spurred research into intraday trading - a practice which would allow investors to buy and sell a stock within the same day. The exchange is also said to be considering a "circuit breaker" mechanism that would nullify trades made in error or during periods of extreme volatility. This news did much to restore faith in the tarnished brokerage industry. Haitong Securities Co climbed 8.10 percent to 11.35 yuan. Southwest Securities Co advanced 7.13 percent to 9.32 yuan.

Shares of companies based in Shanghai continued to march higher Monday thanks to the impending establishment of the city's free trade zone. Both Sinotex Investment & Development Co and CTS International Logistics Corp climbed by the 10-percent daily limit to 5.81 yuan and 8.56 yuan respectively.

In the banking sector, Industrial Bank Co advanced 2.79 percent to 10.68 yuan. China Merchants Bank Co climbed 1.33 percent to 10.70 yuan as the lender regained its footing after a slide late last week. China Merchants Bank stocks tumbled Friday after it announced plans to conduct a massive offering of new shares.

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