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China stocks rally on growth-supportive policies

2014-04-09 07:58 Xinhua Web Editor: qindexing

Chinese shares rallied on Tuesday as market confidence is building amid expectations of policies supporting growth.

The benchmark Shanghai Composite Index went up 1.92 percent, or 39.45 points, to finish at 2,098.28, while the Shenzhen Component Index gained 1.91 percent, or 140.86 points, to close at 7,508.66.

China's securities regulator on Friday unveiled rules on information disclosure for preferred stocks, marking another step toward the introduction of the new type of stocks that is expected to lift the market.

Banking shares received a boost from the news, with Industrial Bank Co. surging 8.04 percent to end at 10.35 yuan (1.68 U.S. dollars) per share, while Ping An Bank rose 4.54 percent to 11.28 yuan.

Meanwhile, investors are expecting detailed policies after the government last week announced measures including cutting taxes for small businesses, facilitating shanty-town renovation and speeding up railway construction, to stabilize the faltering economy.

Combined turnover on China's two bourses widened to 204.7 billion yuan.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 0.33 percent, or 4.44 points, to end at 1,351.18 points on Tuesday.

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