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1st LD-Writethru: Chinese stocks rally over Fed caution

Xinhua, June 22, 2016 Adjust font size:

Asian stocks rallied on Wednesday as market sentiment was lifted by U.S. Federal Reserve Chair Janet Yellen's remarks on interest rates.

The benchmark Shanghai Composite Index ended the day up 0.94 percent, at 2,905.55 points. The smaller Shenzhen index closed 1.64 percent higher at 10,297.98 points.

Combined turnover on the two bourses shrank to 486 billion yuan (74 billion U.S. dollars) from the previous day's 500 billion yuan.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, gained 2.53 percent to close at 2,144.82 points.

In a congressional testimony on Tuesday, Yellen took a cautious approach to raising interest rates, pointing out "considerable uncertainty" about the U.S. economic outlook.

Both Hong Kong's Hang Seng index and the benchmark stock index in the Republic of Korea gained on Wednesday, boosted by Yellen's remarks.

Chinese stocks were also buoyed by a central bank report released Tuesday that said China is considering allowing qualified foreign firms to issue stocks on the mainland via depository receipts.

The coal industry led the stock gains on Wednesday. The share price of Yanzhou Coal Mining Co., Ltd. soared by the daily limit of 10 percent to 10.23 yuan.

Stocks related to the Internet of Things also surged. Sanchuan Wisdom Technology Co., Ltd. rose by the daily limit of 10 percent to 7.46 yuan. Endi