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China's shares hit record high for fourth straight day, led by bank stocks

China's shares hit record high for fourth straight day, led by bank stocks

China's shares rose to record highs for a fourth straight day on Thursday, driven by demand for bank stocks.
The Shanghai Composite Index rose 1.2 percent to 2567.59 after breaking through the symbolic 2,600 level several times during the day. The Shenzhen Composite Index for China's smaller second market fell 1.1 percent to 539.38. The yuan rose to 7.8137 to the dollar, its highest level since the currency was revalued last year.
Bank of China Ltd. soared by the 10 percent daily limit, while Industrial & Commercial Bank of China added 3 percent after rising 19.8 percent over the previous three days.
Other blue chips fell Thursday on concerns regulators may take some market-cooling measures over the New Year's holiday after the benchmark index more than doubled in value for the year, said Yu Yang, an analyst at Guotai Junan Securities.
China Merchants Bank slid 2.1 percent, real estate developer China Vanke fell 1 percent and Daqin Railway was down 2.6 percent.


Updated : 2021-02-26 10:07 GMT+08:00