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December 8, 2009

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Key index ends at 2-week high

SHANGHAI'S key stock index edged up to a two-week closing high yesterday in anticipation of a positive economic outlook after China's top leaders reaffirmed that stimulus policies would be maintained to boost consumption in 2010.

The Shanghai Composite Index gained 0.45 percent, or 14.85 points, to close at 3,331.90. Turnover totaled 171.8 billion yuan (US$25 billion) yesterday.

The annual central economic work conference, which began on Saturday and ended yesterday in Beijing, pledged to maintain a "moderately" loose monetary policy and proactive fiscal policies next year to bolster economic growth, Xinhua news agency reported.

The Chinese Academy of Social Sciences said in an economic outlook published yesterday that China's economy may accelerate to 9.1 percent in 2010 from an estimated 8.3 percent this year.

"There might be some slight adjustment in macroeconomic policy in the next year but the overall stance won't change since there is still uncertainty in economic recovery," Haitong Securities' Chen Lu said in a report yesterday.

Real estate developers were among the gainers as property prices are expected to continue to rise next year. China Vanke Co, the biggest listed domestic real estate developer, rose 2.67 percent to 12.29 yuan while Gemdale Corporation jumped 3.37 percent to 16.58 yuan and Poly Real Estate Group added 2.19 percent to 26.08 yuan.

Steel producers also pulled up the index. Baoshan Iron and Steel Co edged up 0.22 percent to 9.17 yuan, Wuhan Iron and Steel rose 0.81 percent to 8.70 yuan, and Beijing Shougang Co added 1.46 percent to 6.26 yuan.

Gold producers lost after bullion prices fell. Shandong Gold Mining Co fell 3.02 percent to 84.37 yuan.


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