The Shanghai Composite Index closed up 5.8% on Thursday in its biggest daily gain since 2009 as about 600 stocks in the benchmark index rose by the daily 10% limit and another 1,439 firms saw trading halt in Shenzhen and Shanghai, effectively freezing half of the market, Bloomberg reported. Officials had unveiled market-boosting measures throughout the week, and on late Wednesday banned major stakeholders from selling their shares. “It’s government buying first and then bargain hunters are following,” said Dragon Life Insurance fund manager Wu Kan. At last count mainland China had more than 90 million individual investors, besting the membership of even the country’s Communist Party.
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