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Stock option launch drives rebound in mainland exchanges

2015-02-10 08:15 Global Times Web Editor: Qin Dexing
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Mainland bourses rebounded Monday after several sessions of decline, lifted by gains in blue-chip stocks including securities, banking and insurance companies.

The benchmark Shanghai Composite Index closed up 0.62 percent or 19.22 points at 3,095.12 points on Monday, while the Shenzhen Component Index rose 0.71 percent or 77.04 points to 10,868.14 points.

The CSI 300 index of the largest firms traded in Shanghai and Shenzhen also rose by 1.01 percent or 33.50 points to 3,345.92 points.

Total turnover on the two stock exchanges came to 436.16 billion yuan ($69.83 billion) on Monday, down from the previous trading day's 502.13 billion yuan.

The rebound came after the launch of the country's first stock options, which began trading in Shanghai on Monday, offering investors a new hedging tool.

The debut of the options, which are expected to increase trading in blue-chip stocks, served to offset gloomy trade data for January and helped drive a rally in financial stocks.

Among the most actively traded stocks were Shenzhen-listed Western Securities, which rose by the daily limit of 10 percent to 32.07 yuan, and Shanghai-listed China Life Insurance Co, which closed up 5.92 percent at 36.88 yuan.

The ChiNext Index, the country's NASDAQ-style board for high-tech start-ups, continued its losing streak on Monday, falling 1.28 percent or 22.12 points to close at 1,708.85 points.

In Hong Kong, the Hang Seng Index nudged down 0.64 percent or 158.39 points to close at 24,521 points on Monday, recording turnover of HK$67.24 billion ($8.67 billion).

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