Shanghai stocks end week 1.7% higher

Chinese stocks rebounded on Friday with the benchmark Shanghai Composite Index hitting the key 3,000-point level.

Chinese stocks rebounded on Friday with the benchmark Shanghai Composite Index back at the key 3,000-point mark.

The Shanghai index gained 1.04 percent to stand at 3,021.75 points after reaching an intra-day high of 3,084.12 points and the smaller Shenzhen Component Index rose 1.41 percent to 9,550.54 points.

Turnover for Shanghai and Shenzhen bourses totaled 750. 67 billion yuan (US$111.5 billion), compared with 812.52 billion yuan the previous day.

The ChiNext, China's Nasdaq-style board of growth enterprises, edged up 0.75 percent to finish at 1,662.62 points, with turnover shrinking further to 115.89 billion yuan from Thursday's 139.36 billion yuan.

For the whole week, the Shanghai index climbed 1.7 percent.

Local enterprises undergoing SOE reforms registered the strongest rise in the Shanghai market with an average gain of 5.29 percent for the entire sector. Shanghai Shentong Metro Co, Shanghai Join Buy Co and Shanghai Jinjiang International Industrial Investment Co were among those surging by the 10-percent daily limit.

Shanghai FTZ-related companies, liquor producers and home appliances manufacturers were among the top gainers on the two bourses as well while real estate developers and insurance companies also posted notable gains.

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