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Market Update: Shanghai Composite Extends Gains
The Shanghai Composite Index gained 23 points or 0.67% to 3,653 in early deals on Thursday, increasing for the second consecutive session, as investors were upbeat after the PBoC today injected CNY 120 billion into the banking system today following an injection of CNY 90 billion a day earlier. Market sentiment was also lifted by news that Evergrande promised to settle interest payments on its domestic bonds today. In the US, Wall Street closed sharply higher Wednesday, with the Dow Jones rising more than 300 points and the S&P 500 up around 1% to snap a 4-day losing streak after Fed Chair Powell reinforced that tapering was not meant to start a countdown to interest rates hikes. In Hong Kong, stocks jumped 2.11% as traders returned from holiday. Shares of Evergrande soared over 32%, their biggest single-day rise since its listing in 2009 after the indebted property giant said it will help investors redeem their products. [/s2If]
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