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Energy and finance put index up

SHANGHAI'S key stock index added more than 1 percent yesterday with gains in the energy and financial sectors.

The Shanghai Composite Index increased 1.65 percent to close at 1,986.67 points.

Oil producers and refiners were among the gainers after speculation that policies will be introduced to boost the energy industry. PetroChina, the biggest index component, added 2.42 percent to 10.57 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, rallied 4.98 percent to 7.80 yuan.

"The index climbed above 2,000 points in the morning session but lowered in the afternoon as the market is cautious about economic data to be announced by the middle of the week. We suggest investors be cautious about the fluctuation of the index," GF Securites said.

Banks were among the gainers after Central Huijin Investment Co announced it had been increasing stakes in state-owned banks including China Construction Bank and Bank of China. China Construction Bank jumped 4.94 percent to 4.04 yuan. Bank of Communications surged 5.25 percent to 5.41 yuan. Industrial & Commercial Bank of China increased 3.37 percent to 3.68 yuan. Shanghai Pudong Development Bank added 2.18 percent to 15.96 yuan.

Shares in Air China Ltd rose 0.23 percent to 4.42 yuan, despite saying it may post its first annual loss in at least eight years.

Datang International Power Generation Co, the nation's second-biggest producer, said it generated 7.1 percent more electricity in 2008 compared to 2007. The stock surged 4.44 percent to 7.05 yuan.


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