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Market has huge rebound

SHANGHAI'S key stock index had its biggest rebound in five-and-a-half months from a two-month low and erased yesterday's losses to close above 2,900 points, with listed companies' earnings still on the positive side.

The benchmark Shanghai Composite Index surged 4.47 percent, or 124.56 points, to close at 2,910.15 points. Turnover was 122.1 billion yuan (US$17.9 billion). Gainers outnumbered losers 861 to 12 and 37 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, advanced 3.82 percent to close at 956.52 points.

"The index will remain in fluctuation and the market will largely depend on macroeconomic policies in the future," Yu Jun, an analyst at CITIC Securities, wrote in a research note.

A total of 879 listed companies in Shanghai and Shenzhen reported a combined profit of 114.3 billion yuan in the first half, according to the statistics of China Securities Journal as of Wednesday. The figure was 18 percent down from the 141 billion in the corresponding period last year. Among them 168 companies reported net losses and 711 had profits.

Haitong Securities, the country's second-biggest listed brokerage, said profit in the first half rose 22 percent as equities hiked over the period. The stock advanced 4.42 percent to 14.65 yuan.

ZTE Corp said its first-half profit rose 41 percent as it gained orders from Chinese telecommunication operators for high-speed mobile phone networks. Its shares increased 1.22 percent to 33.30 yuan.

Banks were among the gainers after Shanghai Securities News cited an unnamed source today saying China may have 500 billion yuan of new loans in August, more than the 356 billion yuan in July.

Industrial & Commercial Bank of China, the nation's biggest lender, jumped 3.26 percent to 4.75 yuan. Shanghai Pudong Development Bank advanced 4.26 percent to 22.25 yuan. China Construction Bank rose 3.10 percent to close at 5.66 yuan. Bank of Communications rose 4.43 percent to 9.19 yuan.

Oil companies were driven by hiking crude oil price. Crude oil for September delivery rose 4.7 percent to US$72.40 per barrel in New York yesterday.

PetroChina, the country's largest oil producer and biggest stock in the market, surged 6.85 percent to 13.88 yuan. China Petroleum & Chemical Corp, Asia's largest refiner also known as Sinopec, rose 2.93 percent to 13.00 yuan.

China Shipping Development Co, the unit of China's second-biggest sea-cargo group, said its first-half profit tumbled 81 percent with falling demand for cargo transport. Its shares rose 3.01 percent to 13.69 yuan.

Coal producers were also strong. Pingdingshan Tianan Coal Mining Co surged the daily limit of 10 percent to 29.17 yuan. Datong Coal Industry Co hiked 8.62 percent to 38.50 yuan. China Coal Energy Co Ltd jumped 9.63 percent to 12.64 yuan.


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