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Index above 3,000 as US rebounds

SHANGHAI'S key stock index closed higher in the morning session to above 3,000 points after US market closed higher yesterday. Strong performances from brokerages after the resumption of initial public offerings may bring more profits.

The benchmark Shanghai Composite Index rose 1.48 percent, or 44.46 points, to close at 3,044.17 points. Turnover was 90 billion yuan (US$13.2 billion). Gainers outnumbered losers 753 to 106, and 51 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, added 1.61 percent to close at 1,061.97 points.

The Dow Jones Industrial average added 1.12 percent and Nasdaq rose 1.45 percent yesterday, after industrial output gained 0.8 percent from a year ago in August, the Federal Reserve said.

China Securities Regulatory Commission will review applications from seven companies seeking to list on the new Growth Enterprise Market. The results will be revealed later today.

Pacific Securities added 1.39 percent to 14.57 yuan, Sinolink Securities advanced 1.66 percent to 21.99 yuan, and Haitong Securities rose 1.39 percent to 14.57 yuan.

Banks were also strong. Industrial & Commercial Bank of China, the nation's biggest lender, jumped 2.62 percent to 5.09 yuan. Shanghai Pudong Development Bank was up 1.28 percent to 21.40 yuan. China Construction Bank increased 1.71 percent to close at 5.96 yuan.

Metal producers showed mixed results. Shandong Gold Mining Co was up 1.05 percent to 70.46 yuan. Zijin Mining Co dipped 0.5 percent to 10.04 yuan. Zhongjin Gold Co was down 0.88 percent to 62.73 yuan.


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