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Chinese shares extend gains after interest rates cut with key index surpassing psychological threshold
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CHINA'S interest rate cuts last week helped Chinese stock markets extend gains for the third consecutive trading day this week, with the key index surpassing the psychological 2,600-point threshold.
Strong market sentiment on Wednesday pushed the benchmark Shanghai Composite Index 1.43 percent higher from the previous trading day to close at 2,604.34 points on Wednesday, above the 2,600-point threshold. The Shenzhen Component Index closed at 8,763.78 points, up 0.81 percent.
Total turnover on the two bourses expanded to 573.3 billion yuan (93.44 billion U.S. dollars) from 532 billion yuan the previous trading day.
China on Friday cut the benchmark interest rates for the first time in more than two years as policy makers stepped up support for the world's second-largest economy.
Brokerage firms led the gains. Shares in Huatai Securities surged by the daily limit of 10 percent to 13.93 yuan apiece, and Everbright Securities rose by the daily limit to 17.06 yuan.
Insurance companies and property developers also posted strong performance. Shares in Insurance Titan China Life jumped 9.84 percent to 20.76 yuan, and China Real Estate Corp. rose 8.83 percent to 10.23 yuan.
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