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Market reverses earlier losses

SHANGHAI'S key stock index reversed earlier losses today as brokerages performed strongly.

The benchmark Shanghai Composite Index added 0.33 percent to close at 3,031.33 points, after touching a low of 2,974.26 points. Turnover shrank to 114.2 billion yuan (US$16.8 billion) from 139.8 billion yuan yesterday. Gainers outnumbered losers 617 to 244, with 21 stocks unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, closed up 1.07 percent at 1,067.14 points.

Brokerages led the rebound after the number of newly opened equity trading accounts rose steadily by 267,157 in the week ending October 23, according to China Securities Depository and Clearing Corp.
Sinolink Securities Co surged 6.5 percent to 23.79 yuan. Everbright Securities Co jumped 2.6 percent to 23.79 yuan. Haitong Securities Co increased 2.5 percent to 14.59 yuan.

Airliners were among the gainers as the nation's three biggest carriers returned to the black in the third quarter boosted by improved passenger demand and lower fuel prices.

China Southern Airlines Co, Asia's biggest carrier by passenger numbers, soared 6.3 percent to 5.4 yuan after posting a profit of 284 million yuan in the third quarter, compared with a loss of 830 million yuan a year earlier.

Air China rose 1.6 percent to 7.88 yuan after reporting a 885 million yuan profit in the third quarter against a loss of 1.97 billion yuan a year earlier.

China Eastern Airlines Corp climbed 0.7 percent to 5.65 yuan. The nation's No. 3 carrier said it earned 23.2 million yuan in the third quarter, compared with a net loss of 2.33 billion yuan a year earlier.


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