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Chinese shares up 3.57% in afternoon trading

Good sales witnessed in China/FILE

Chinese shares up 3.57% in afternoon trading/FILE

SHANGHAI, Dec. 3- Chinese shares surged 3.57 percent in afternoon trading on Thursday, as fresh funds flowed into the market to catch a recent rally supported by hopes of monetary easing, dealers said.

The benchmark Shanghai Composite Index jumped 99.29 points to 2,878.82.

The Shenzhen Composite Index, which tracks stocks on China’s second exchange, gained 2.00 percent, or 29.09 points, to 1,482.01.

“The market is now mainly being lifted by fresh capital inflows from short-term investors, since they believe the market will reach for new highs and they want to share the benefits,” Northeast Securities analyst Shen Zhengyang told AFP.

Securities firms led the gains on expectations increased turnover would boost their business.

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