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September 3, 2009

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Home » Business » Finance

Blue chips lift key index to end higher

SHANGHAI'S benchmark stock index closed higher yesterday, boosted by financial shares and heavyweights.
The Shanghai Composite Index climbed 1.16 percent, or 31.25 points, to close at 2,714.97. Turnover totaled 88.2 billion yuan (US$13 billion).
Chinese Premier Wen Jiabao said on Tuesday the government will continue a proactive fiscal policy and a moderately loose monetary policy during a meeting with the head of the World Bank, Xinhua news agency reported.
But "a shrinking turnover suggests the market is not stable yet and the index may continue to correct for a few more days," Haitong Securities wrote in a research note.
Shanghai Pudong Development Bank gained 3.94 percent to 19.27 yuan, China Construction Bank hiked 5.33 percent to close at 5.53 yuan, the Bank of Communications rose 3.43 percent to 8.44 yuan and the Industrial Bank surged 7.87 percent to 31.24 yuan.
Oil producers climbed after the announcement of gas and diesel price increases last night. PetroChina, the country's largest oil producer and biggest heavyweight in the market, added 0.93 percent to 12.98 yuan.
China Life Insurance Co Ltd, the country's largest life insurer, edged up 0.74 percent to 26.37 yuan. China Pacific Insurance (Group) Co added 2.10 percent to 19.41 yuan and Ping An Insurance Group rose 2.65 percent to 46.11 yuan.
Property developers also gained. China Vanke Co, the biggest listed domestic real estate developer, added 1.82 percent to 10.07 yuan and Gemdale Corp rose 2.09 percent to 12.69 yuan.


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