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A-Shares Enter Weekend With Hainan-Led Rally
The Shanghai Composite Index extended its weeklong rally on November 5, rising 0.28% to close at 3,164.04, while the Shenzhen Composite Index increased 0.59 to close at 1,123.82. Trading volume on the Shanghai and Shenzhen Stock Exchanges hit RMB 180.95 billion and RMB 116.58 billion, respectively.
Hainan Zhenghe Industrial Group (600759.SH) soared 10.08%, Hainan Haide Industry (000567.SZ) gained 10.06%, Hainan Expressway (000886.SZ) rose 10.04%, Hainan Lawton Development (600209.SH) grew 9.95%, while Hainan Pearl River Holdings (000505.SZ) and Hainan Dadonghai Tourism Center Holdings (000613.SZ), both stocks trading under ST (with 5% daily movement caps) symbols, closed the day 4.58% and 4.92% higher, respectively. An unnamed insider said China's State Council plans to issue a greater-than-expected series of policies to support development of Hainan province, China Securities Journal reported.
Lvjing Realestate Company (000502.SZ) soared 9.98%, Vantone Real Estate (600246.SH) grew 7.26%, RiseSun Real Estate (002146.SZ) gained 5.59% while Vanke (000002.SZ, 200002.SZ) increased 2.8%. Vanke's October sales reached RMB 52.69 billion, breaking the company's full year revenue high of RMB 53.36 billion in 2007, caijing.com.cn reported.
On the newly launched ChiNext, shares in 25 of the 28 listed companies declined with the bourses only company with stock over RMB 100 per share, Ultrapower (300002.SZ), posting the heaviest fall at 5.39%, chinanews.com.cn reported.
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