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Index ends year with 80% gain at 3,277

SHANGHAI'S market closed slightly higher on the last trading day of the year to set a 80 percent yearly gain after government stimulus measures boosted investors' confidence, following last year's 65 percent slump.

The benchmark Shanghai Composite Index rose 0.45 percent, or 14.54 points, to close at 3,277.14 points. Turnover lowered to 139 billion yuan (US$20.4 billion) from yesterday's 157.8 billion yuan as trading remained flat. Gainers outnumbered losers 650 to 185, and 77 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.62 percent to close at 1,201.34 points.

The four-trillion-yuan government spending stimulus and 9.2 trillion yuan in new bank lending in the first 11 months has boosted spending in consumer goods as well as automobiles.

Banks continued yesterday's gains after Industrial Bank said in a report that new loans may reach 500 billion yuan in December, significantly higher than the previous estimate of 300 billion yuan. Bank of Communications jumped 1.85 percent to 9.35 yuan. Industrial and Commercial Bank of China was up 0.93 percent to 5.44 yuan. China Construction Bank added 1.64 percent to close at 6.19 yuan.

China Eastern Airlines rose 1.48 percent to 6.17 yuan after it said in a statement yesterday that whole year profit will be around 600 million yuan, citing chairman Liu Shaoyong at a staff conference over the weekend.

Suning Appliance Co said yesterday it will pay US$4.4 million to buy Hongkong's Citicall Retail Management Ltd for overseas expansion. Its shares added 0.87 percent to 20.78 yuan.

China Citic Bank said its board approved a sale of up to 25 billion yuan of bonds in 2010 to replenish capital. The stock lowered 0.72 percent to 8.23 yuan.

Brokerages were also among the gainers. Everbright Securities rose 1.47 percent to 25.52 yuan. Haitong Securities edged up 0.26 percent to 19.19 yuan. Guoyuan Securities was up 0.42 percent to 19.29 yuan.

China Vanke Co, the biggest listed domestic real estate developer, was up 0.47 percent to 10.80 yuan. Gemdale Corporation rose 1.75 percent to 13.94 yuan. Poly Real Estate Group ended 0.67 percent higher at 22.43 yuan.


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