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1st LD-Writethru: Chinese stocks rally Friday amid global market recovery

Xinhua, January 22, 2016 Adjust font size:

Chinese stocks regained some lost ground on Friday and stopped a two-day losing streak, following a revival in the global capital market.

The benchmark Shanghai Composite Index gained 1.25 percent to close at 2,916.56 points. While Shenzhen climbed 1.36 percent to close the day at 10,111.57 points.

The ChiNext Index, the NASDAQ-style board of growth enterprises, surged 1.76 percent to close at 2,149.59 points.

Total turnover on the two bourses further waned, standing at 446.4 billion yuan (68.08 billion U.S. dollars).

Gainers outnumbered losers by 878 to 108 in Shanghai and 1,344 to 195 in Shenzhen.

Coal and steel sectors led the charge on Friday, with gains of 3.74 percent and 2.63 percent.

China Shenhua Energy Company, the country's leading coal-based energy company, surged by 3.39 percent and closed at 13.74 yuan.

The oil sector was also pepped up by a bounce in global oil prices. PetroChina Co., China's largest oil producer, gained 0.96 percent to finish at 7.33 yuan.

Chinese stocks bottomed out from Thursday's new-low record to edge up higher on Friday's opening, as market sentiment was spurred by a widespread recovery in global capital market, accompanied by the pick-up in oil prices.

Shares opened higher and pointed down sharply before midday. Shanghai saw a remarkable ricochet after lunch passing the 2,900-mark.

Newly released employment data also helped to soothe nerves.

According to the Ministry of Human Resources and Social Security, the registered unemployment rate in Chinese cities held steady at 4.05 percent at the end of 2015, unchanged from three months earlier. Endi