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December 24, 2009

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Home » Business » Finance

Index rallies from 7-week low

SHANGHAI'S key stock index rebounded from a seven-week low yesterday on talks previous losses were excessive.

The Shanghai Composite Index gained 0.76 percent, or 23.26 points, to close at 3,073.78. Turnover shrank to 90.9 billion yuan (US$13.4 billion) from 99.5 billion yuan on Tuesday.

"This round of correction was brought by an expectation of capital shortage due to the oversupply of shares," Everbright Securities Co wrote. "And the previous declines seem to have digested most of the negative impact."

The gauge lost 3 percent up to yesterday. Another 10 companies are set to sell shares this week after China CNR Corp, one of the country's two leading train manufacturers, raised 13.9 billion yuan in a Shanghai initial public offering yesterday.

Jiangxi Copper Co rose 1.2 percent to 36.31 yuan after tumbling to a two-month low on Tuesday. Aluminum Corp of China gained 1.3 percent to 13.65 yuan on speculation demand for raw materials will be sustained.

The telecommunication sector also rose after the industry regulator said investment in 3G is expected to reach 143.5 billion yuan while the number of 3G users is likely to surpass 10 million by the end of this year.

Eastern Communication Co surged 4 percent to 6.04 yuan and Founder Technology Group rose 3.2 percent to 4.85 yuan.

Gold miners fell after bullion prices declined. Zijin Mining Group Co, the country's largest gold firm, dipped 0.1 percent to 9.22 yuan while Zhongjin Gold Corp slid 1 percent to 54.94 yuan.


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