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Market gains at midday over proactive policy pledge

SHANGHAI'S key stock index advanced more than 2 percent in the morning session as banking shares lifted the market after government pledged proactive fiscal policy in the next year.

The benchmark Shanghai Composite Index rose 2.53 percent, or 78.23 points, to close at 3,174.49 points. Turnover was 83.4 billion yuan(US$12.2 billion). Gainers outnumbered losers 858 to 19 and 35 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rallied 3.34 percent to close at 1,175.65 points.

China will remain a proactive fiscal policy to maintain policy continuity and stability, the Political Bureau of the Communist Party of China's Central Committee said at a meeting on Friday, according to Xinhua News Agency.

Banks rebounded from earlier losses. Industrial & Commercial Bank of China, the nation's biggest lender, edged up 0.39 percent to 5.20 yuan. Shanghai Pudong Development Bank rose 2.42 percent to 21.98 yuan. China Construction Bank edged up 1.20 percent to close at 5.92 yuan.

Property shares were also among the gainers. China Vanke Co, the biggest listed domestic real estate developer, rose 2.40 percent to 11.54 yuan. Gemdale Corporation was up 1.79 percent to 15.35 yuan. Poly Real Estate Group added 2.01 percent to 24.86 yuan.

Financial shares were also among the gainers. China Pacific Insurance (Group) Co Ltd rose 3.10 percent to 24.58 yuan. Ping An Insurance (Group) Co was up 2.65 percent to 56.84 yuan. China Life Insurance Co Ltd, the country's largest life insurance company, jumped 3.35 percent to 30.50 yuan.

Auto makers rose among speculation preferential tax policies for passenger car sales maybe extended and the government will also encourage sales of more fuel efficient cars. SAIC Motor Corp surged 7.20 percent to 25.30 yuan. Chongqing Chang'an Automobile Co Ltd advanced 5.11 percent to 14 yuan. Beiqi Foton Motor Co Ltd rallied 5.55 percent to 19.41 yuan.


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