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Market gains lost ground in morning

SHANGHAI'S market rebounded to above 3,000 points in the morning session, with less concern of tightening liquidity after a survey showed most bankers projected the current monetary policy will remain in the next quarter.

The benchmark Shanghai Composite Index rose 0.80 percent, or 23.86 points, to close at 3,016.71 points. Turnover was 43.3 billion yuan (US$6.3 billion). Gainers outnumbered losers 819 to 62, and 37 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, added 1.36 percent to close at 1,158.34 points.

A survey by the central bank and the National Bureau of Statistics released yesterday showed 51.7 percent bankers estimated that monetary policy will remain unchanged in the next quarter. A total of 60.5 percent of the bankers surveyed thought the current monetary policy is at a reasonable level. The sampling survey covered around 2,900 banking institutions around the country.

Industrial & Commercial Bank of China, the nation's biggest lender, edged up 0.21 percent to 4.83 yuan. Shanghai Pudong Development Bank was up 0.28 percent to 21.25 yuan. China Citic Bank rose 0.43 percent to 7.01 yuan.

Steel makers were also strong. Maanshan Iron & Steel advanced 2.60 percent to 12.22 yuan. Wuhan Iron & Steel rose 0.91 percent to 6.66 yuan.

China Coal Energy Co said output in February added 53 percent from a year ago to 9.94 million tons. Its shares were up 0.80 percent to 11.36 yuan.

PetroChina added 0.39 percent to 12.71 yuan after crude oil jumped the most in four weeks to US$81.70 yesterday.

Metal producers also closed higher after gold added 1.5 percent, the most in two weeks. Shandong Gold Mining Co edged up 0.69 percent to 69.98 yuan. Yunnan Copper Co added 1.73 percent to 25.29 yuan. Jiangxi Copper Co rose 1.35 percent to 34.50 yuan.


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