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Index gains over week to close at 3,108

SHANGHAI'S key stock index closed above 3,100 points on the last trading day of the week after positive macroeconomic figures reinforced investors' sentiments that the economy is recovering.

The benchmark Shanghai Composite Index rose 1.85 percent, or 56.44 points, to close at 3,107.85 points. Turnover was 157.3 billion yuan (US$23 billion). Gainers outnumbered losers 737 to 133, and 41 stocks remained unchanged. The index added 6.74 percent in this week, its third weekly gain in the month.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.46 percent to close at 1,085.46 points.

China's NASDAQ-style Growth Enterprise Market, which is aimed at providing capital for small and medium start-ups, opened at Shenzhen Stock Exchange today. Trading in 28 companies which have already won regulatory approval to sell shares will start next Friday.

Property developers and banking shares were among this week's winners after the Securities Times quoted an unidentified source saying that China may extend policies to give first-time home buyers lower rates for mortgage loans.

Poly Real Estate Group rose 1.32 percent to 27.69 yuan and Gemdale Corporation edged up 0.98 percent to 16.47 yuan.

Bank of Communications advanced 3.63 percent to 9.13 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, added 1.96 percent to 5.20 yuan. Shanghai Pudong Development Bank rose 2.18 percent to 22.92 yuan.

Yunnan Copper Co rose 2.53 percent to 32.45 yuan. Shandong Gold Mining Co added 2.09 percent to 69.88 yuan. Aluminum Corporation of China Ltd jumped 3.34 percent to 14.83 yuan.

Guoyuan Securities said it has won regulatory approval to sell as much as 500 million additional shares to raise no more than 10 billion yuan. Its shares added 1.18 percent to 22.26 yuan.


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