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Chinese shares rise on interest rate cut

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Chinese shares gained 2.55 percent on Thursday following the latest interest rate cut by the central bank and a strong rebound in Hong Kong.

The benchmark Shanghai Composite Index rose 2.55 percent, or 43.8 points, to close at 1,763.61. The Shenzhen index was up 1.91 percent, or 110.99 points, to close at 5,909.66 points.

The combined turnover was 49.35 billion yuan (US$7.26 billion), compared with previous trading day's 50.06 billion yuan. Gains outnumbered losses by 584 to 208 in Shanghai and 488 to 172 in Shenzhen.

(Xinhua News Agency October 30, 2008)

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