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1st LD Writethru: Chinese shares surge to 7 month high

Xinhua, August 15, 2016 Adjust font size:

Chinese stocks jumped to their highest in seven months on Monday, led by property and financial shares, as investor confidence rebounded.

The benchmark Shanghai Composite Index rose 2.44 percent to close at 3,125.2 points, while the Shenzhen index closed 2.79 percent higher at 10,822.11 points.

The ChiNext Index, tracking China's NASDAQ-style enterprises, was up 3.27 percent to close at 2,193.21 points.

Overall turnover increased to 751.14 billion yuan (about 113.12 billion U.S. dollars), up 320 billion yuan from the previous trading day.

More than 50 shares increased by the 10 percent daily limit, while nearly 180 shares rose over 5 percent. Only 30 shares closed lower.

Investor confidence recovered partly due to the upcoming Shenzhen-Hong Kong Stock Connect as well as hopes that the central government will introduce more stimulus measures to bolster the economy.

Property developers led the rises. China Vanke, the country's biggest listed developer, surged 10 percent to 25.06 yuan. Gemdale, another leading developer, closed at 12.14 yuan, up 9.96 percent.

Brokerages closed broadly higher. Huatai Securities jumped by 10 percent to 21.43 yuan. CITIC Securities, the biggest brokerage firm, added 5.01 percent to close at 18.01 yuan. Endi