Local markets continue gains

Shanghai Composite Index extends rally, finishing the week just shy of 3,000-point mark. Communications shares among biggest winners on the day.

Shanghai stocks closed out the week with a fifth straight day of gains on Friday.

The benchmark Shanghai Composite Index rose 0.46 percent to 2,999.6 points. The smaller Shenzhen Component Index ended 0.41 percent higher at 9,823.42 points, while the blue chip CSI300 index climbed 0.59 percent to 3,948.51 points.

Overall turnover on the two major bourses shrank to 633.99 billion yuan (US$89.03 billion), compared with 797.5 billion yuan in the previous session.

Overseas investors pumped a net 9.12 billion yuan into A-share markets on Friday via stock connect schemes linking Chinese mainland with the Hong Kong market. For the week, the net influx reached 28 billion yuan.

Stocks of around 50 A-share-listed firms hit the 10-percent daily limit on the day.

Communication shares led the rise, with Kyland Technology Co, Super Telecom Co, Qingdao Topscomm Communication and Eastcompeace Technology Co all soaring by the daily limit.

Auto companies performed strongly as well, with stocks of five companies hitting the daily cap, including Qingdao Doublestar Co and Yangzhou Asiastar Bus Co.

Stocks related to 5G, the non-bank financial sector, computer companies and pharmaceuticals were also among the big winners.

On the new STAR Market, however, 26 of the board's 28 listed companies retreated.

For the week, the Shanghai Composite Index advanced by 3.93 percent, the biggest weekly increase in 11 weeks. Turnover on the Shanghai exchange reached 1.56 trillion yuan, expanding sharply from 1.04 trillion yuan in the previous week.

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