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October 29, 2009

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Gains in profit lift key stock barometer

SHANGHAI'S key stock index ended slightly higher yesterday as listed companies posted quarterly gains in profit in July-September period.

The Shanghai Composite Index added 0.33 percent to 3,031.33, after touching an intraday low of 2,974.26.

Turnover shrank to 114.2 billion yuan (US$16.8 billion) from 139.8 billion yuan on Tuesday.

"Most companies posted stronger net income both on a yearly basis and on a quarterly basis, which is in line with the upbeat macroeconomic picture," said Jiang Xuewen, an analyst at S&E Securities Brokerage.

Airlines led the rebound as the three biggest Chinese carriers returned to the black in the third quarter, boosted by improved passenger demand and lower fuel prices.

China Southern Airlines Co, the nation's biggest carrier by passenger numbers, soared 6.3 percent to 5.4 yuan after posting a profit of 284 million yuan in the third quarter, against a loss of 830 million yuan a year earlier.

Air China rose 1.6 percent to 7.88 yuan, and China Eastern Airlines Corp gained 0.7 percent to 5.65 yuan.

Brokerages also gained after the number of newly opened equity trading accounts rose steadily by 267,157 in the week ended last Friday, according to China Securities Depository and Clearing Corp.

Sinolink Securities Co surged 6.5 percent to 23.79 yuan, Everbright Securities added 2.6 percent to 23.79 yuan and Haitong Securities Co rose 2.5 percent to 14.59 yuan.

China Shenhua Energy gained 0.98 percent to 35.13 yuan after a 12 percent rise in third-quarter profit.


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