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September 15, 2009

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Home » Business » Finance

Index sails past 3,000 points

SHANGHAI'S key stock index, lifted by brokerages and banks, added more than 1 percent yesterday to close above 3,000 points for the first time in four weeks, as investors continued to bet on an improving economy.

Among the biggest losers were tire makers after the US imposed a 35 percent additional tariff on US$1.8 billion of automobile tires from China.

The benchmark Shanghai Composite Index rose 1.24 percent, or 36.95 points, to close at 3,026.74. Turnover was 157.1 billion yuan (US$23 billion).

Financial industry shares were buoyed by better-than-expected economic figures released by the government last Friday that included a 15 percent rise in bank loans last month. Shanghai Pudong Development Bank added 0.42 percent to 21.62 yuan, and China Construction Bank rose 0.5 percent to 6.05 yuan.

Brokerages were higher after the China Securities Regulatory Commission said it will review applications from seven companies seeking to be among the first to list on the new Growth Enterprise Market when it opens next month. Almost 150 start-up technology firms have applied for initial offering on the Nasdaq-style market in the southern city of Shenzhen, hoping to raise a combined 33.6 billion yuan.

"Whether the Shanghai index will remain above 3,000 points is still uncertain, and with a drop of the price of commodities, metal producers may face fluctuations," Wan Bing, an analyst at GF Securities, wrote in a research report.

Zijin Mining Co said it will buy the 50 percent stake in Zijin Copper it doesn't own for no more than 114 million yuan. The stock edged up 0.53 percent to 9.54 yuan.

Among other market movers, PetroChina, the nation's largest oil producer, rose 0.9 percent to 12.29 yuan.

Among tire makers, Giti Tire Corp fell 4.94 percent to 7.12 yuan. Guizhou Tyre Co retreated 6.68 percent to 14.95 yuan. Double Coin Holdings Ltd declined by the daily limit of 10 percent to close at 19.01 yuan.


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