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Index rises to 2,910.62 after holiday

SHANGHAI'S key stock index rose nearly 5 percent to close today above 2,900 points on the first trading day after the eight-day break, the biggest daily gain in five weeks.

Gains were supported by metal producers after commodities rose amid an optimistic outlook for China's economy.

The benchmark Shanghai Composite Index advanced 4.76 percent, or 131.20 points, to close at 2,910.62 points. Turnover was 90 billion yuan (US$13.2 billion). Stocks which gained value numbered 876 while 34 remained unchanged, and none went down.

The Shenzhen Composite Index, which tracks the smaller domestic market, gained 5.07 percent to close at 997.32 points.

"Positive economic figures and good performances in surrounding markets provided external conditions for the hike in domestic markets, and the index will remain stable despite some small fluctuations in the fourth quarter," said Wang Shuxu, an analyst with Guohai Securities.

The Shanghai Composite Index lost 6.09 percent in the third quarter after rising 65 percent in the first half of the year, as investors are worried that an oversupply of new share sales and the possible tightening of fiscal policy will curb liquidity.


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