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November 9, 2009

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Key index forecast to keep rising

THE Shanghai stock market is projected to continue its upward trend this week, analysts said.

The benchmark Shanghai Composite Index gained a collective 5.61 percent last week to close at 3,164.04 points.

"The index will remain strong in the next few weeks as investors are confident in China's economic recovery," Qian Qimin, an analyst at Shenyin and Wanguo Securities wrote in a research report.

"Trading on the ChiNext market will not bear huge pressure to the main board, and the index may climb above 3,200 points in the second half of the week," Qian wrote.

Finance Minister Xie Xuren said over the weekend that China will maintain a macro-economic policy as the global economic recovery is still unstable. He made the comments while attending a meeting of financial chiefs of the Group of 20 countries in Scotland.

"The stable macro-economic situation and improved earnings of listed companies will continue to push up the market in the next two months," Everbright Securities wrote.


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