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December 5, 2009

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Home » Business » Finance

Brokerages push key index above 3,300

SHANGHAI'S benchmark stock index rose more than 1 percent yesterday and closed above 3,300, driven by brokerages on speculation the authorities will introduce margin trading soon.

The Shanghai Composite Index rose 1.61 percent, or 52.42 points, to close at 3,317.04. Turnover totaled 257.4 billion yuan (US$37.7 billion).

The index gained a total of 7.14 percent for the week.

The Securities Times reported yesterday that margin trading and index futures are likely to be introduced in the middle of 2010, citing unidentified industry insiders.

The news boosted Haitong Securities, which climbed 7.14 percent to 18.15 yuan, Everbright Securities up 4.12 percent to 24.76 yuan, and Citic Securities added 4.85 percent to 31.59 yuan.

"The central economic work meeting to be held this weekend is likely to prioritize market stability and economic recovery in 2010, and the index's upward trend will not change," Dong Hai Securities wrote.

Banks also gained. The Industrial and Commercial Bank of China, the nation's biggest lender, jumped 2.85 percent to 5.41 yuan, Shanghai Pudong Development Bank rose 4.93 percent to 23.20 yuan, and China Construction Bank advanced 3.85 percent to finish at 6.20 yuan.


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