China: Stocks close higher on Fed comments
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[SHANGHAI] China stocks enjoyed their best day in a month, with main indexes jumping more than 2 per cent, as the mainland market joined a global rally after US Federal Reserve remarks hosed down expectations of imminent interest rate hikes.
The blue-chip CSI300 index rose 2.6 per cent, to 3,216.28, while the Shanghai Composite Index gained 2.8 per cent, to 3,000.64 points.
Risk appetite improved after Fed Chair Janet Yellen emphasised the need to proceed "cautiously" on tightening policy. But some traders warned that the rally could be short-lived as China's economy remains fragile.
Shares rose across the board, with small-caps outperforming blue-chips. Shenzhen's start-up board ChiNext surged 4.6 per cent.
Oil giants such as Sinopec and PetroChina led energy shares higher, amid market expectation of pending reforms in the sector.
REUTERS
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