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Blue chips send index up 3%

SHANGHAI'S key stock index rebounded nearly 3 percent yesterday, led by financial shares and heavyweights.

The Shanghai Composite Index jumped 2.78 percent, or 66.75 points, to close at 2,468.19. Turnover was 121.1 billion yuan (US$17.7 billion).

"Heavyweights supported the market, and the upward trend will remain for a short period of time," said a note by United Securities. "We forecast the index to range between 2,360 and 2,600 points."

China's central government has allowed commercial banks to buy into insurers, the insurance regulator said yesterday.

Brokerages and banks led the index higher. Haitong Securities advanced 4.01 percent to 12.97 yuan. The Industrial and Commercial Bank of China, the nation's biggest lender, added 2.49 percent to 4.11 yuan, and Shanghai Pudong Development Bank jumped 9.55 percent to 23.06 yuan. China Construction Bank rose 2.55 percent to 4.43 yuan.

PetroChina, the biggest component in the index, rose 1.22 percent to 11.60 yuan while China Petroleum and Chemical Corp, Asia's largest refiner, added 2.86 percent to end at 9.71 yuan.


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