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Chinese shares surge from heavy losses

2014-12-26 08:14 Xinhua Web Editor: Qin Dexing

Chinese shares rebounded from heavy losses over the previous two consecutive trading days, with the benchmark Shanghai Composite Index (SCI) jumping more than 3 percent to stand above the psychologically important 3,000-point mark.

The SCI surged 3.36 percent to finish at 3,072.54 points. The Shenzhen Component Index closed at 10,493.78 points, up 1.96 percent.

Total turnover on the two bourses slightly shrank to 579.89 billion yuan (94.75 billion U.S. dollars) from 583.97 billion yuan on the previous trading day.

Heavyweights, including insurance, brokerages, banks and infrastructure construction, led the gains, as some investors believe that shares are better priced after days of decline.

China's leading insurance company China Life surged 9.98 percent to 27.87 yuan per share, and Bank of China rose 4.2 percent to 3.72 yuan apiece. China Railway Erju Co., Ltd. surged by the daily limit of 10 percent to 15.58 yuan per share.

Agriculture-related shares continued to gain across the board, as China concluded a rural work conference on Tuesday, vowing to push forward agricultural modernization through reform and innovation. Hefei Fengle Seed Co., Ltd. rose 3.52 percent to 11.17 yuan apiece.

The profits of China's civil aviation sector in the first 11 months hitting 29.94 billion yuan, surpassing the annual profits in 2013, Li Jiaxiang, head of the Civil Aviation Administration of China (CAAC), said Thursday. Air China rose 6.35 percent to 7.54 yuan apiece.

The ChiNext Index, China's Nasdaq-style board of growth enterprises, gained 0.64 percent to close at 1,529.47 points.

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