Chinese stocks book a strong rebound on Fri
Chinese stocks staged a strong technical rebound on Friday, closing 4.94% higher to end a two-day losing streak on support of heavy weight stocks.
The benchmark Shanghai Composite Index, which covers both A shares and B shares on the Shanghai Stock Exchange, jumped 4.94% or 168.65 to 3,580.15 points after fluctuating between 3,590.75 and 3,357.23 points, rebounding from a big loss of 5.42% Thursday.
Similarly, the Shenzhen Component Index on the smaller Shenzhen Stock Exchange moved up 4.43% or 581.43 points to 13,692.85 points.
The combined turnover on the two bourses climbed a bit to RMB 130.9 billion from RMB 112.02 billion of the previous trading day.
The rally came on market talk that the securities regulator may cut the stamp duty to 0.2% or unveil the timetable for the launch of stock index futures over the weekend to stem further declines, analysts said.
Heavy weights made a joint rally. PetroChina<601857><857>
Elsewhere, China Pacific Insurance<601601>, the third-largest life insurer, rose 6.49% to RMB 27.57. It plunged 8.11% to break its IPO price of RMB 30 on Wednesday, when 300 million shares became tradable after a lock-up period expired. China Vanke<000002><200002>, the largest listed developer, rose 8.11% to RMB 26.66.
As a whole, winners outweighed losers by 750 to 79 in Shanghai and 587 to 74 in Shenzhen.
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