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Central bank news lifts market in morning session

SHANGHAI'S key stock index closed higher in the morning session after China's central bank said it will continue "relatively loose monetary policy" in the fourth quarter.

The benchmark Shanghai Composite Index was up 0.69 percent, or 18.88 points, to close at 2,773.42 points. Turnover was 36.6 billion yuan (US$5.4 billion). Gainers outnumbered losers 727 to 129, and 54 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, added 1.22 percent to close at 948.63 points.

The monetary committee will maintain the consistency and stability of the policy and carry out a "relatively loose monetary policy" in the fourth quarter, the central bank said in a news release yesterday.

Industrial & Commercial Bank of China, the nation's biggest lender, said it will buy a 19.26 percent stake in Bangkok Bank Ltd for 3.72 billion yuan. Its shares dipped 0.42 percent to 4.72 yuan.

Shanghai Pudong Development Bank said it has recently completed a non-public offering to raise 15 billion yuan at 16.59 yuan per share. The stock dipped 0.36 percent to 19.60 yuan.

Bank of China was down 0.52 percent to 3.83 yuan. China Merchants Bank rose 0.82 percent to 14.70 yuan.

China yesterday cut fuel price by nearly 3 percent, and ceiling price for 93-octane gasoline fell to 5.90 yuan a liter while zero-grade diesel was lowered from 5.80 yuan to 5.64 yuan, starting today.

China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, edged up 0.44 percent to 11.34 yuan. PetroChina, the most heavily weighted share in the market, rose 0.64 percent to 12.65 yuan.

Metal producers reversed yesterday's gain after gold futures rose on Tuesday. Zijin Mining Co added 1.93 percent to 8.45 yuan. Jiangxi Copper Co jumped 3.86 percent to 33.90 yuan. Yunnan Copper Co rose 3.52 percent to 25.28 yuan. Aluminium Corp of China was up 2.75 percent to 12.72 yuan.


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