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February 26, 2010

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Home » Business » Finance

Index rallies to close at 1-month high

SHANGHAI'S key stock index yesterday extended its rally to end at a one-month high, led by blue chips after an official with the securities watchdog said margin trading and short selling may start on a trial basis by the end of March.

The Shanghai Composite Index added 1.27 percent, or 38.44 points, to close at 3,060.62. Turnover rose to 138.9 billion yuan (US$20.42 billion) from 105.6 billion yuan on Wednesday.

Nie Qingping, an official with the China Securities Regulatory Commission, told state-owned CCTV that preparations for launching the new investment tools were progressing well and the trial for margin trading and short selling could start at the end of March.

"The new tools could boost trading of shares, especially as most of them are undervalued now," said Li Huihong, an analyst at Guangdong Foretech Investment Consultants Co.

Property developers and financial shares led the gainers. Shanghai-based Shimao Co rose 3.09 percent to 14.34 yuan and Shanghai Lujiazui Finance & Trade Zone increased 2.8 percent to 23.23 yuan. Poly Real Estate Group jumped 3.1 percent to 19.96 yuan while Gemdale Corp advanced 3.1 percent to 12.71 yuan.

Shanghai Pudong Development Bank Co jumped 5.5 percent to 20.74 yuan and the Bank of Communications climbed 1.2 percent to 8.19 yuan. The Bank of China increased 1.2 percent to close at 4.16 yuan.


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