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Brighter outlook kick-starts market

SHANGHAI'S market jumped nearly 2 percent today, with less concern of tightening liquidity after a survey showed most bankers forecast that current monetary policy will remain in the next quarter.

The benchmark Shanghai Composite Index added 1.93 percent, or 57.64 points, to close at 3,050.48 points. Turnover was 105 billion yuan (US$15.4 billion). A total of 883 shares gained and 25 remained unchanged while only 10 shares dropped.

The Shenzhen Composite Index, which tracks the smaller domestic market, advanced 2.43 percent to close at 1,170.48 points.

A survey by the central bank and the National Bureau of Statistics released yesterday showed 51.7 percent of bankers estimated that monetary policy will remain unchanged in the next quarter. A total of 60.5 percent of the bankers surveyed thought the current monetary policy is at a reasonable level. The sample covered around 2,900 banking institutions around the country.

"The rebound may not last very long with macroeconomic policies still uncertain and the index may stay between 3,000 and 3,100 points in the next few days," GF Securities wrote in a research note.

Industrial & Commercial Bank of China, the nation's biggest lender, added 1.24 percent to 4.88 yuan. Shanghai Pudong Development Bank jumped 2.27 percent to 21.67 yuan. China Citic Bank rose 2.15 percent to 7.13 yuan.

Steel makers were also strong. Maanshan Iron & Steel advanced 2.52 percent to 12.21 yuan. Wuhan Iron & Steel rose 2.27 percent to 6.75 yuan.

China Coal Energy Co said output in February added 53 percent from a year ago to 9.94 million tons. Its shares rose 2.04 percent to 11.50 yuan.

PetroChina jumped 1.33 percent to 12.82 yuan after crude oil jumped the most in four weeks to US$81.70 yesterday.

Metal producers also closed higher after gold added 1.5 percent, the most in two weeks. Shandong Gold Mining Co rose 1.28 percent to 70.39 yuan. Yunnan Copper Co rallied 3.50 percent to 25.73 yuan. Jiangxi Copper Co rose 2.70 percent to 34.96 yuan.


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