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Update | Shenzhen market indices rise on technology stocks ahead of Xi speech

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A man walks past an electronic board showing the benchmark Shanghai and Shenzhen stock indices on June 26. Photo: Reuters

Shenzhen stock markets rose on Tuesday, in contrast to Hong Kong and Shanghai, as technology stocks soared ahead of a keynote speech by President Xi Jinping.

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The Shenzhen Composite Index closed the day up 1.12 per cent at 2,264.72, while the ChiNext Index finished 1.34 per cent higher, at 2,745.70.

Hong Kong’s Hang Seng Index was on track to match Shenzhen before a last minute plunge saw it finish down 0.17 per cent at 21,274.37.

Phillip Securities director Louis Wong said the surge in technology stocks in Shenzhen and Shanghai had been due to anticipation of Xi’s opening speech at the World Internet Conference in Wuzhen, Zhejiang, on Wednesday.

“It’s part of the reason behind the strength of internet stocks and internet companies today,” he said.

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Technology components company GoerTek finished up more than 5 per cent in Shenzhen to end the day at 34.43 yuan, while multinational telecommunications company ZTE closed at 18.70 yuan, up 3.3 per cent.

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