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December 25, 2009

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Home » Business » Finance

Index expands by biggest gain of nearly 3%

SHANGHAI'S key stock index yesterday posted the biggest daily gain of nearly 3 percent in a month after the Chinese government reiterated that China will stick to its spending plan to maintain the momentum for economic growth.

The Shanghai Composite Index gained 2.59 percent, or 79.63 points, to close at 3,153.41. Turnover swelled to 123.3 billion yuan (US$18.13 billion) from 90.9 billion yuan on Wednesday.

The government aimed to keep the same investment pace in 2010 as it did this year, said Mu Hong, deputy director general of the National Development and Reform Commission, the country's top planner.

At the same conference yesterday, Vice Finance Minister Zhang Shaochun said China is committed to its 1.18-trillion-yuan investment plan by the end of 2010 to shore up the country's economic growth.

"The remarks partly eased market concerns the government's stricter stance on bank lending could disrupt the economic recovery momentum," Nanjing Securities Co wrote in a note.

Commodity producers rose on higher raw material prices. Jiangxi Copper Co gained 6.3 percent to 38.58 yuan, Aluminum Corp of China climbed 4.4 percent to 14.25 yuan, and Shandong Gold Mining Co surged 9.1 percent to 81.21 yuan.

Coal miners outperformed on media reports that contract coal prices for next year will rise as much as 25 percent. China Shenhua Energy Co jumped 4.8 percent to 33.22 yuan, and Datong Coal Industry Co soared 7 percent to 45.16 yuan.

Brewers were strong. Wuliangye Yibin Co jumped 6.3 percent to 31.85 yuan while Anhui Golden Seed Winery Co surged by the 10-percent daily limit to 16.94 yuan yesterday.


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