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China\\\'s stocks rise

Wednesday, 24 September 2014


China’s stocks rose, sending the benchmark index to its biggest gain in about seven weeks, as a jump in new trading accounts lifted brokerages and defense companies rallied on speculation of increased state spending. Citic Securities Co. climbed 3.4 per cent and Changjiang Securities Co. (000783) advanced by the 10 per cent daily limit. Jiangxi Hongdu Aviation Industry Co. surged 10 per cent. President Xi Jinping called on the People’s Liberation Army to boost their combat readiness, according to a Xinhua News Agency report on Sept. 22. China Coal Energy Co. rallied 3.8 per cent in Hong Kong, leading energy shares higher.  The Shanghai Composite Index (SHCOMP) advanced 1.5 percent to 2,343.58, its highest close since March 2013. Investors opened about 217,000 accounts last week, the most in two years, amid speculation an exchange link with Hong Kong and government stimulus will boost stocks. The 30-day average value of shares traded in Shanghai rose to the highest level since April 2011, according to bloomberg.com