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Analysts from Essence Securities said that companies closely related to economic cycles will play a leading role in sustaining the bullish trend on the A-share market. Companies in sectors like home appliances, automobiles, nonferrous metals, coal and securities are likely to be in demand, they said.

Andrew Cohen in New York contributed to this story.

And currently 27 COVID-19 patients are still in designated hospitals for treatment.

And there is mounting concern that the prolonged work stoppage could tip Michigan's slowing economy into a recession. The state has the most exposure to the auto industry – about 8 percent of its economy is linked to it. And Michigan produces about 25 percent of the nation's vehicles and parts.

Analysts said the trend is expected to continue in March and April.