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Index rises slightly as outlook improves

SHANGHAI'S key stock index edged up in morning trade after yesterday's slump as financial shares lifted the market among improving manufacturing statistics.

The benchmark Shanghai Composite Index was up 0.60 percent, or 15.98 points, to close at 2,683.72 points. Turnover was 101.7 billion yuan (US$14.9 billion). Losers outnumbered gainers 445 to 407 and 58 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.46 percent to close at 900.53 points.

China's Purchasing Manager's Index for August was 54 percent, up 0.7 percentage points from the previous month, the National Bureau of Statistics said today. The measure for manufacturing activities has been kept above 50, the threshold indicating an expansion, for six months.

"The rebound will not be very strong and we suggest investors wait until the market is more stable," United Securities wrote in a research note.

Banks rebounded after yesterday's loss. Industrial & Commercial Bank of China, the nation's biggest lender, added 2.01 percent to 4.56 yuan. Shanghai Pudong Development Bank rose 3.92 percent to 18.54 yuan. China Construction Bank increased 2.14 percent to close at 5.25 yuan. Bank of Communications jumped 3.03 percent to 8.16 yuan.


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