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Index closes above 3,000

SHANGHAI'S key stock index today added more than 2 percent to close above 3,000 points, after an official from the nation's top planner said government stimulus measures were sufficient for economic recovery.

The benchmark Shanghai Composite Index rose 2.07 percent, or 61.64 points, to close at 3,038.27 points. Turnover was 141 billion yuan (US$20.6 billion). Gainers outnumbered losers 852 to 33, and 26 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, advanced 2.89 percent to close at 1,058.17 points.

"China's GDP growth for the first three quarters will be between 7 and 8 percent and the yearly figure is very likely to reach 8 percent," Xiong Bilin, an inspector with the National Development and Reform Commission, said at a news conference today.

The official figures, including CPI and PPI for the first three quarters, are set to be announced on Thursday.

The first trading day for the 28 start-up firms to be listed on the Growth Enterprise Market will be October 30, officials from Shenzhen Stock Exchange said on Saturday. The 28 companies have raised a combined 15.48 billion yuan through subscription, more than double their original targets.

"Major economic figures to be announced this week will have a major impact on the market, and the index is very likely to stay above 3,000 in the coming days," Haitong Securities wrote in a research report.

Minfeng Special Paper Co said its profit for the first three quarters may climb more than 150 percent from a year earlier, according to a statement to Shanghai Stock Exchange on Friday. The stock edged up 0.15 percent to 6.60 yuan.

Ningbo Fubang Jingye Group, the Chinese aluminum producer, said it made a profit in the first nine months compared to a loss in the year-earlier period. Its shares went up 4.39 percent to 8.09 yuan.

Wuliangye Yibin Co Ltd, the Chinese liquor producer, said today its profit for the first three quarters rose 44.7 percent from a year ago to 2.30 billion yuan. It may see a profit of 2.72 billion yuan in the full year, up 50 percent year on year, the company said in a filing today. Its shares added 2.66 percent to 21.98 yuan.

China Vanke Co, the biggest listed domestic real estate developer, surged 6.84 percent to 12.34 yuan. Gemdale Corporation advanced 8.29 percent to 16.19 yuan. Poly Real Estate Group advanced 4.94 percent to 28.02 yuan.

Metal producers were also strong. Jiangxi Copper surged 7.43 percent to 41.20 yuan. Yunnan Copper hiked the daily limit of 10 percent to 30.83 yuan. Aluminum Corporation of China Ltd jumped 5.73 percent to 14.40 yuan.


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