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October 31, 2009

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Index rises despite ChiNext debut

THE soaring debut of ChiNext, China's Nasdaq-style growth-enterprise market, in Shenzhen didn't seem to have too much impact on Shanghai stocks which closed more than 1 percent higher yesterday, helping the key index notch a 7.8-percent monthly gain.

The Shanghai Composite Index rose 1.2 percent, or 35.38 points, to close at 2,995.85, after hitting an intraday high of 3,027.13.

Turnover remained almost the same at 117.4 billion yuan (US$17.3 billion).

The ChiNext board roared off to a spectacular start when it opened for trading yesterday, beating expectations. The first batch of 28 companies which made their debut on the board saw their share prices more than doubled from their initial public offering prices.

"Initially the main board (in Shanghai) languished after speculative investors swarmed into the new board," said Zhu Huilin, an analyst at Jeweldia Investment Consulting Co.

"But strong performance by heavyweights such as lenders later stabilized the stock market."

Banks led gainers after reporting stronger third-quarter profits. The Industrial and Commercial Bank of China, the nation's biggest lender, jumped 2.2 percent to 5.06 yuan after saying third-quarter profit climbed 19 percent from a year earlier to 33.6 billion yuan.

The Bank of China rose 2.3 percent to close at 4.06 yuan after profit in the third quarter gained 19 percent to 21.1 billion yuan.


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