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Market bounces back

SHANGHAI'S key stock index rose more than 2 percent today, rebounding from its biggest daily loss in almost three months, amid news of an upbeat economic outlook.

The benchmark Shanghai Composite Index added 2.07 percent, or 66.64 points, to close at 3,290.16 points. Turnover shrank to 218 billion yuan (US$32.1 billion) from 290.8 billion yuan. Gainers outnumbered losers 868 to 21, and three stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 3.33 percent to close at 1,214.24 points.

"We expect sustainable economic growth will remain the key at the central economic working conference to be held at the end of this month. The stimulus packages are not expected to be turned around," Huashang Fund Management Co wrote in a research note. "We keep optimistic towards the domestic economy."

Steel producers remained strong after major mills raised steel futures for December delivery and on expectations that consolidation among the industry will boost profitability.

Baoshan Iron and Steel Co soared 8.5 percent to 8.93 yuan. Xinjiang Ba Yi Iron and Steel Co advanced 8.4 percent to 14.67 yuan. Wuhan Iron and Steel Co gained 5 percent to 8.83 yuan.

Gold producers advanced on soaring bullion price. Shandong Gold Mining Co surged by the 10 percent daily cap to 84.39 yuan. Zijin Mining Group Co, the country's largest gold producer, expanded 6.5 percent to 10.98 yuan. Zhongjin Gold Corp, the second biggest by market value, gained 5.4 percent to 63.93 yuan.

Gold price gained US$9.77 to a record high US$1,178.18 an ounce at 3:30pm local time.

Haitong Securities Co, the nation's second-biggest brokerage, jumped 3.4 percent to 16.11 yuan as it resumed trading after buying a controlling stake in Taifook Securities Group Ltd.


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