Stocks end the week on a rebound

Huang Yixuan
Shanghai shares recover from the past three days of decline though total turnover on the two major bourses continues to shrink.
Huang Yixuan

Shanghai stocks rebounded on Friday, reversing the declines of the past three days and led by gains in the agriculture, forestry, animal husbandry and fisheries sectors and food and beverage shares.

The Shanghai Composite Index edged up 0.19 percent to close at 3,011.06 points. The smaller Shenzhen Component Index rose 0.8 percent to 9,443.22 points, and the blue chip CSI300 index ended 0.52 percent higher at 3,893. 2 points.

The total turnover on the two major bourses, however, further shrunk to 374.32 billion yuan (US$54.43 billion), compared with the previous session's 438.508 billion yuan.

Stocks in the agriculture, forestry, animal husbandry and fisheries sector, such as Fujian Aonong Biological Technology Group Inc and Qingdao Vland Biotech Inc both hitting the daily limit of 10 percent. 

Food and beverage firms also posted strong gains, with Xiamen Kingdomway Group Co and Guangdong Yantang Dairy Co both surging by the 10 percent daily cap.

Catering and tourism companies, the pharmaceutical sector and computer shares were also among the biggest gainers.

For the week, the Shanghai Composite Index also rebounded from an earlier drop to post a 1.08 percent rise, with turnover expanding to 1.08 trillion yuan from 1.02 trillion in the previous week. 

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