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China: Shanghai stocks surge to end 4.82% higher

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Shanghai stocks closed up 4.82 per cent on Friday, rising for a second day on strong US growth figures and a global market rally, amid speculation the government is also supporting the market, dealers said.

[SHANGHAI] Shanghai stocks closed up 4.82 per cent on Friday, rising for a second day on strong US growth figures and a global market rally, amid speculation the government is also supporting the market, dealers said.

China's benchmark Shanghai Composite Index surged 148.76 points to 3,232.35 on turnover of 474.6 billion yuan ($74.2 billion). Despite two days of substantial gains, the index still lost 7.85 per cent for the week.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, soared 5.40 per cent, or 94.62 points, to 1,846.83 on turnover of 425.0 billion yuan. It fell 9.44 per cent over the week.

AFP

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