Shanghai: Stocks surge 5.34% by the close on US rally

[SHANGHAI] Shanghai stocks closed up 5.34 per cent on Thursday, cheered by a rally in US stocks and a domestic interest rate cut this week aimed at boosting the world's second-largest economy, dealers said.

China's benchmark Shanghai Composite Index surged 156.30 points to 3,083.59 on turnover of 404.3 billion yuan (S$88.4 billion). It briefly dipped into negative territory, falling 0.71 per cent, but finished near the day's high after a late surge.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, jumped 3.33 per cent, or 56.45 points, to 1,752.21 on turnover of 361.0 billion yuan.

AFP