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Hong Kong: Stocks extend rally

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Shanghai stocks surged more than four per cent on Monday, extending a rally at the end of last week, after Chinese authorities unveiled tax cut plans and President Xi Jinping added to a coordinated drive to support the country's markets.

[HONG KONG] Shanghai stocks surged more than four per cent on Monday, extending a rally at the end of last week, after Chinese authorities unveiled tax cut plans and President Xi Jinping added to a coordinated drive to support the country's markets.

The benchmark Shanghai Composite Index surged 4.09 per cent, or 104.41 points, to 2,654.88, marking the largest daily gain since early March 2016. It also rose 2.58 per cent Friday.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, advanced 4.90 per cent, or 61.92 points, to 1,325.73.

Hong Kong's Hang Seng Index also rallied, adding 2.32 per cent, or 591.75 points, to 26,153.15.

AFP

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