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December 3, 2009

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Home » Business » Finance

Metal firms push index higher

SHANGHAI'S key stock index rose more than 1 percent yesterday, lifted by metal producers after the price of gold climbed.

The Shanghai Composite Index rose 1.06 percent, or 34.39 points, to close at 3,269.75. Turnover totaled 203.9 billion yuan (US$29.9 billion).

"The index will face some pressure around 3,300 points this week as investors remained cautious ahead of the central government's economic meeting," China Merchants Securities wrote.

China's government is expected to hold the annual economic work conference to review its macroeconomic stance for 2010.

Gold rose 1.5 percent to US$1,200.20 an ounce and benefited Zijin Mining Group Co, the country's largest gold producer, which surged 5.50 percent to 11.31 yuan while Zhongjin Gold Corp, the second-biggest by market value, jumped the daily limit of 10 percent to 66.67 yuan. Shandong Gold Mining Co surged 8.17 percent to 91.88 yuan.

Crude oil rose 1.4 percent to US$78.37 a barrel yesterday, the highest level in nearly two weeks. PetroChina, the largest oil producer and biggest heavyweight in the market, added 0.52 percent to 13.57 yuan and China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, gained 0.49 percent to 12.24 yuan.

Banks also gained after the Economic Observer reported that Central Huijin may allow China's four biggest banks to use dividend payments to replenish their capital, easing earlier market concern the lenders may have to raise capital from the market.

The Industrial and Commercial Bank of China Ltd added 1.33 percent to 5.33 yuan, China Construction Bank Corp gained 0.84 percent to 6.01 yuan.


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