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Index rebounds after regulator assures investors

SHANGHAI'S key stock index rebounded to close above 2,800 points today after the top securities regulator pledged to steadily develop the stock market.

The benchmark Shanghai Composite Index rose 4.79 percent, or 130.05 points, to close at 2,845.02 points. Turnover jumped to 138.9 billion yuan (US$20.3 billion) from Wednesday's 88 million. A total of 874 shares gained while 36 remained unchanged and none dropped.

The Shenzhen Composite Index, which tracks the smaller domestic market, jumped 5.49 percent to close at 956.69 points.

China will promote the steady development of the country's stock market, Liu Xinhua, vice chairman of China Securities Regulatory Commission, said on Wednesday. The country will also be fully prepared for the launch of the growth enterprise market, he added.

Metal producers were among the gainers after gold futures for December delivery at New York Mercantile Exchange gained 2.3 percent to US$978.50 an ounce after jumping to a three-month high on Wednesday. Shandong Gold Mining Co surged by the daily limit of 10 percent to 51.69 yuan. And Zijin Mining Co rose 9.19 percent to 8.68 yuan. Zhongjin Gold Corp was up 10 percent to 52.31 yuan. Jiangxi Copper also rose 10 percent to 35.17 yuan.

PetroChina, the country's largest oil producer and biggest heavyweight in the market, added 1.93 percent to 13.23 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, surged 3.54 percent to 11.71 yuan.

New loans by China's big four state-owned banks totaled 160 billion yuan in August, China Securities Journal said today. The figure was slightly lower from the 165 billion in July. New lending extended by the four banks made up about 45 percent of the total loans in the first half.

Industrial & Commercial Bank of China, the nation's biggest lender and the second-largest stock on the index based on market capitalization, advanced 4.17 percent to 4.75 yuan. Shanghai Pudong Development Bank rose 4.98 percent to 20.23 yuan. China Construction Bank jumped 3.62 percent to close at 5.73 yuan. Bank of Communications increased 3.67 percent to 8.75 yuan.

Property shares were also strong. China Vanke Co, the biggest listed domestic real estate developer, rose 9.04 percent to 10.98 yuan. Gemdale Corporation jumped 8.59 percent to 13.78 yuan. Poly Real Estate Group advanced 8.22 percent to 23.82 yuan. Shanghai Shimao Co Ltd was up 5.75 percent to 14.17 yuan.


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