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China shares hit another record, but fall back from peak; yuan steady against dollar

China shares hit another record, but fall back from peak; yuan steady against dollar

Chinese shares surged to another record high Tuesday on strong demand for heavyweight banks, but Shanghai's key index lost some of its early gains on selling of blue chips, and the smaller Shenzhen market declined. The yuan was steady against the U.S. dollar in slow post-Christmas trading.
The Shanghai Composite Index gained 1.8 percent to 2,479.73, another record closing high, after hitting 2505.70 during the day.
The index has more than doubled in value since the start of the year on strong liquidity.
The Shenzhen Composite Index edged 0.7 percent lower to 539.77.
The pending share listing by China Life, the country's No. 1 life insurer, is helping support demand, analysts said. China Life is due to begin trading by Jan. 11. It set an IPO price range of 18.16-18.88 yuan (US$2.32-US$2.41;


Updated : 2021-06-21 11:02 GMT+08:00