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September 10, 2009

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Home » Business » Finance

Index rises to longest winning stretch

SHANGHAI'S key stock index rose for a seventh day, the longest winning streak in four months, after the central government's measures eased some worries over a capital shortage.

The Shanghai Composite Index added 0.54 percent, or 15.78 points, to close at 2,946.26. Turnover rose slightly to 153.30 billion yuan (US$22.54 billion) from Wednesday's 148.63 billion yuan.

''The securities watchdog said it will slow the issuing pace of new shares, easing pressure on market liquidity brought by the glut of shares,'' S&E Securities Brokerage Co wrote in a research note.

Shares have performed strongly so far this month on signs China is acting to bolster the market, including allowing more local funds and raising the amount foreign funds can invest in equities, after the barometer lost 16.16 percent in August, the first monthly loss this year.

''Turnover keeps rising, indicating the recovery of investor confidence. The market is expected to head upward but may meet resistance around 3,000 points amid profit taking,'' said China Merchants Securities Co.

Steel producers led gainers, with Baoshan Iron & Steel Co, the country's largest steel maker, rising 3.06 percent to 7.41 yuan. Wuhan Iron & Steel Co surged 4.2 percent to 8.43 yuan and Angang Steel Co, China's second-biggest steel mill, jumped 4.22 percent to 13.57 yuan.

Sinolink Securities Co soared by the 10 percent daily cap to 21.63 yuan and led brokerages higher. Haitong Securities Co, the country's largest listed brokerage, gained 2.01 percent to finish at 14.24 yuan.


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