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Growth figures boost index

SHANGHAI'S key stock index rose more than 2 percent today as China's top statistics bureau released encouraging figures on industrial production and investment growth.

The benchmark Shanghai Composite Index added 2.22 percent to 2,989.79 points. Turnover rose to 137.9 billion yuan (US$20.28 billion) from 116.9 billion yuan. Gainers outnumbered losers 769 to 86 and 15 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.59 percent to close at 1,016.51.

"Shares were boosted as the economic data was in line with investors' expectations of a sustainable economic recovery," said Wen Lijun, an analyst from Nanjing Securities Co.

China's top statistics bureau said today that growth of the nation's industrial production and investment accelerated last month.

Industrial output gained 12.3 percent last month from a year earlier, after climbing 10.8 percent in July. Urban fixed-asset investment in the first eight months climbed 33 percent, outpacing a 32.9 percent gain through July, the statistics bureau said today.

Separately, the People's Bank of China said today banks extended loans worth 410.4 billion yuan in August, up from 355.9 billion yuan in July and 271.54 billion yuan a year ago.

Lenders led the gainers. Shanghai Pudong Development Bank surged by the 10 percent daily cap to 20.28 yuan. China Merchants Bank Co advanced 4.56 percent to 15.82 yuan.


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