Shares in Shanghai and Shenzhen rose on Thursday in response to the latest round of interest rate cuts and market rallies around the region, AP reported. The Shanghai Composite Index closed up 2.6%, at 1,763.61, while the Shenzhen Composite Index was up 1.2% to 477.77. Financial stocks and oil refiners were among the better performers, and shares of Ping An Insurance, China’s second-largest insurer, rose by the daily limit of 10%. However, some analysts said the impact of the interest rate cuts was limited and that investors continue to be pessimistic, with Thursday’s gains based on short-term trading.
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