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Stocks boosted by possible new FTZ news

2013-11-28 07:53 Global Times Web Editor: qindexing

Stocks in the Chinese mainland gained Wednesday as investors reacted to news about a possible new free trade zone in Southwest China and fourth-generation mobile licenses.

The benchmark Shanghai Composite Index rose by 18.00 points or 0.82 percent to close at 2,201.07 points on Wednesday while the Shenzhen Component Index rose by 82.11 points or 0.98 percent to 8,447.46 points.

Combined turnover on the two bourses on Wednesday was 222.9 billion yuan ($36.58 billion), up from Tuesday's 187.6 billion yuan.

After Southwest China's Yunnan Province was mentioned in a media report as a possible free-trade zone due to its proximity to Southeast Asia, related stocks rallied Wednesday. Yunnan Metropolitan Real Estate Development rose by the daily limit of 10 percent to 6.19 yuan while Yunnan Tourism increased by 7 percent.

A spokesperson for the State Administration of Science, Technology and Industry for National Defense said Tuesday that China will launch a Chang'e-3 lunar probe in early December, which boosted related stocks. Satellites developer China Spacesat Co rose by 9.98 percent to 20.94 yuan.

Financial stocks, especially stock brokerages, performed strongly after the governor of the People's Bank of China, Zhou Xiaochuan, said there would be further liberalization of interest rates and an increase in quotas for foreign institutional investors. Sinolink Securities Co rose by 10 percent to 5.78 yuan on Wednesday.

Stocks linked to railways saw modest gains after Chinese Premier Li Keqiang and leaders of 16 Central and Eastern European countries pledged on Tuesday to expand cooperation on investment and infrastructure, including construction of an international railway. Shares in railway transportation vehicles developer Baotou Beifang Chuangye Co rose by 6.28 percent to 17.25 yuan.

Investors also bought stocks linked to fourth-generation (4G) technologies after media reports said 4G licenses would be issued on Thursday. Sino Wealth Electronic Ltd and Guangzhou Hi Target Navigation rose by the 10 percent daily limit on Wednesday.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, closed up by 27.62 points or 2.91 percent at 1,291.85 on Wednesday.

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