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Index inches up on strong FDI data

SHANGHAI'S key stock index extended yesterday's rally today, shored up by the news that China's foreign direct investment surged 103 percent year on year in December.

The benchmark Shanghai Composite Index added 0.27 percent, or 8.6 points, to close at 3,224.15 points. Turnover shrank to 151.4 billion yuan (US$22.3 billion) from 168 billion yuan on Thursday. Gainers outnumbered losers 541 to 311 while 24 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.62 percent to close at 1,226.72 points.

The Ministry of Commerce said today foreign direct investment amounted to US$12.1 billion last month, indicating the attractiveness of China to the outside world. FDI for 2009 dropped 2.6 percent from a year ago to US$90.03 billion.

Wolong Real Estate Group surged by the 10 percent daily cap to 16.97 yuan. It reported late yesterday its 2009 profit jumped 33.27 percent from a year ago to 136 million yuan in the first annual earnings report by a property developer. Property shares were pushed up on expectations of good earnings performance thanks to the booming real estate market last year.

Beijing Capital Development soared 5.9 percent to 19.17 yuan. Gemdale Corp advanced 3.7 percent to 13.32 yuan. Shanghai-based Shimao Co gained 3.5 percent to 14.98 yuan and Poly Real Estate Group advanced 1.9 percent to 20.98 yuan.

Auto makers rebounded on speculation that previous losses were excessive. Beiqi Foton Motor Co climbed 3.5 percent to 21.36 yuan. Dongfeng Automobile Co was up 1.8 percent to 6.74 yuan and SAIC Motor Corp edged up 1.5 percent to 23.09 yuan.


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