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China stocks climb to 10-month high as Trump fears turn to hope

Published 11/10/2016, 02:30 AM
© Reuters. An investor checks stock information on a mobile phone at a brokerage house in Shanghai

SHANGHAI (Reuters) - China stocks rose to a fresh 10-month high on Thursday, joining a surprise turnaround in global markets in the wake of a shock win for Republican Donald Trump in the U.S. presidential election.

The benchmark Shanghai Composite Index <.SSEC> gained 1.4 percent to 3,171.28 points, its highest since Jan. 8, while the blue-chip CSI300 index <.CSI300> advanced 1.1 percent to 3,390.61 points.

Trump's stunning upset roiled global markets on Wednesday, sending investors scrambling for safe-haven assets such as gold, sovereign bonds, and the Japanese yen.

Overnight, though, riskier assets staged a sharp reversal as traders reassessed the implications of a Trump presidency, with many seeing it ushering in higher economic growth.

China's markets, which are typically shielded from global market volatility by strict capital controls, have been slowly grinding higher this year as buyers have been encouraged by lower valuations and signs of stabilization in the economy.

Reversing their sharp gains the previous session, gold miners retreated as risk appetite returned.

All major sectors gained, led by financial <.CSI300FS> and industry <.CSI300IN> stocks.

© Reuters. An investor checks stock information on a mobile phone at a brokerage house in Shanghai

Chinese property developer giant Vanke <000002.SZ> traded up 1 percent, surging as much as 7.5 percent to a record high, but pared much of its gains in late afternoon trading. China Evergrande Group, a real estate conglomerate, has further raised its stake in Vanke to 8.3 percent.

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