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Improved export figures boost market

SHANGHAI'S key stock index continued to rise after China reported exports declined at a slower pace last month, easing concerns the country's economic recovery will be hampered by lackluster global demand.

The benchmark Shanghai Composite Index added 1.17 percent to 2,970.53 points. Turnover nearly doubled to 141.6 billion yuan (US$20.8 billion) from 88.5 billion yuan on Tuesday. Gainers outnumbered losers 639 to 205, with 40 stocks unchanged.

The Shenzhen Composite Index which tracks the smaller domestic market was up 0.77 percent to close at 1,021.1 points.

Shipments from China dropped 15.2 percent in September from a year earlier, against a 23.4 percent slide in August, the General Administration of Customs said on its Website today.

"The better-than-expected export data has boosted market confidence in the country's sound recovery," Shandong Shenguang Securities wrote in a research note.

PetroChina, the nation's biggest oil company and the biggest component of the index, climbed 1.5 percent to 13.31 yuan after crude oil prices rose to a seven-week high. China Petroleum & Chemical Corp, the second largest, surged 2 percent to 11.98 yuan.


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