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Bright outlook boosts index slightly

SHANGHAI'S key stock index closed higher today among a positive economic outlook after China's top leaders reaffirmed they will maintain stimulus policies and boost consumption in the next year.

The benchmark Shanghai Composite Index was up 0.45 percent, or 14.85 points, to close at 3,331.90 points. Turnover stood at 171.8 billion yuan (US$25 billion). Gainers outnumbered losers 739 to 127 and 47 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, added 1.44 percent to close at 1,232.24 points.

The annual central economic working conference, which began in Saturday and ended today in Beijing, pledged to maintain a "moderately" loose monetary policy and proactive fiscal policies next year to bolster economic growth, Xinhua News Agency reported.

Chinese Academy of Social Science said today that China's economic growth may accelerate to 9.1 percent in 2010 from an estimated 8.3 percent this year.

Real estate developers were among the gainers as market expects property prices will continue to rise. China Vanke Co, the biggest listed domestic real estate developer, rose 2.67 percent to 12.29 yuan. Gemdale Corporation jumped 3.37 percent to 16.58 yuan. Poly Real Estate Group added 2.19 percent to 26.08 yuan.

FAW Car Co said it will invest 533 million yuan to produce V6 engines and set its annual capacity in 2010 at 50,000. Its shares dropped 1.67 percent to 24.68 yuan.

Gold producers were among the losers after the bullion price lost ground. Shandong Gold Mining Co retreated 3.02 percent to 84.37 yuan. Zijin Mining Group Co, the country's largest gold producer, lost 1.02 percent to 10.63 yuan. Zhongjin Gold Corp, the second biggest by market value, slid 2.56 percent to 62.72 yuan.

Steel producers were also among the gainers. Baoshan Iron & Steel Co edged up 0.22 percent to 9.17 yuan. Wuhan Iron and Steel rose 0.81 percent to 8.70 yuan. Beijing Shougang Co Ltd added 1.46 percent to 6.26 yuan.


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