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Chinese stocks rebound over strong high-tech shares

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BEIJING, April 1 (Xinhua) -- Chinese stocks rebounded on Wednesday as high-tech sectors including green automobiles and telecom shares led the increase.

The benchmark Shanghai Composite Index went up 1.67 percent, or 62.39 points, to finish at 3,810.29 points.

The Shenzhen Component Index gained 1.78 percent, or 234.06 points, to close at 13,394.73 points.

Combined turnover on the two bourses shrank to 1.13 trillion yuan (183.94 billion U.S. dollars) from 1.3 trillion yuan on the previous trading day.

Over 100 shares hit the daily increase limit of 10 percent and nearly 70 percent of all the shares saw increases this trading day.

The telecom shares led the gains. China Unicom, the country's telecom and network giant, rose by 10 percent to 6.02 yuan per share.

The other high-tech sectors related to green cars, smart grid and smart home appliance also performed strong. BYD and Dongfeng Automobile went up 10 percent. TCL Corp. surged 7.12 percent to 6.32 yuan per share. Sichuan Changhong Electric gained 1.5 percent to 6.11 yuan per share.

The Chinese government announced on Tuesday that it will implement the long-awaited bank deposit insurance scheme in May.

As a result, banks and securities dealers rebounded. Citic Securities gained 3.41 percent to 33.94 yuan per share. China Everbright Bank went up 2.11 percent to 4.83 yuan per share.

Chen Wei, an analyst with CITIC Securities, said the bank deposit insurance lowered public worries over the banking risks, which stimulated Wednesday's stocks trading.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, added 2.99 percent, or 69.74 points, to end at 2,404.91 points.

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