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Banking rebound pumps up index

SHANGHAI'S key stock index added nearly 2 percent to close above 3,300 points today with a strong rebound of banking shares after Abu Dhabi provided US$10 billion to pay some of the debt of Dubai's Nakheel PJSC.

The benchmark Shanghai Composite Index rose 1.71 percent, or 55.59 points, to close at 3,302.90 points. Turnover was 139.3 billion yuan (US$20.4 billion). Losers outnumbered gainers 554 to 320 and, 39 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.06 percent to close at 1,217.98 points.

Banks reversed earlier losses. Industrial & Commercial Bank of China, the nation's biggest lender, rose 1.72 percent to 5.32 yuan. Shanghai Pudong Development Bank was up 1.63 percent to 22.47 yuan. China Construction Bank added 1.82 percent to close at 6.14 yuan. Bank of Communications advanced 2 percent to 8.68 yuan.

Metal producers also recovered from earlier losses. Zijin Mining Co added 1.55 percent to 10.45 yuan. Jiangxi Copper was up 1.20 percent to 42.08 yuan. Zhongjin Gold Co edged up 0.87 percent to 61.52 yuan. Aluminum Corporation of China rallied 4.43 percent to 16.49 yuan.

Eight new shares at the Growth Enterprise Market and two new floats on the small and medium bourse will open subscriptions this week.

China Merchant Securities lowered 0.70 percent to 31.22 yuan. Guoyuan Securities dropped 1.28 percent to 20.90 yuan. Changjiang Securities was down 0.21 percent to 19.20 yuan.

Qingdao Haier Co shares added 1.86 percent to 24.66 yuan after saying it would buy the stakes of two of its subsidiaries in Hong Kong-listed Haier Electronics Group Co, taking its holding in the unit to 51.31 percent.


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