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October 21, 2009

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Home » Business » Finance

Metals and finance shares lift key index

SHANGHAI'S key stock index advanced yesterday to close at the highest level in more than two months, lifted by the financial sector and metal producers and on hopes that macroeconomic data will reinforce signs of an economic recovery.

The Shanghai Composite Index rose 1.52 percent, or 46.18 points, to close at 3,084.45. Turnover totaled 167.2 billion yuan (US$24.5 billion) against 141 billion yuan on Monday.

"It is pretty sure that the index will remain above 3,000 points in the near future and may likely climb even higher after macroeconomic figures are announced on Thursday," Guoyuan Scurities wrote in a research note.

China Merchants Bank Co, the nation's fifth-largest bank by market value, said it had won shareholders' approval to raise no more than 22 billion yuan by placing 2.5 new shares for every 10 shares to boost liquidity. Its shares jumped 4.69 percent to 16.73 yuan.

The Industrial and Commercial Bank of China, the nation's biggest lender, rose 2.20 percent to 5.11 yuan. Shanghai Pudong Development Bank added 2.20 percent to 22.81 yuan and China Construction Bank gained 1.53 percent to 5.99 yuan.

China Pacific Insurance (Group) Co Ltd rose 1.22 percent to 25.62 yuan, Ping An Insurance (Group) Co added 1.82 percent to 58.88 yuan and China Life Insurance Co Ltd, the country's largest life insurer, gained 3.39 percent to 30.52 yuan.

Zijin Mining Co added 3.23 percent to 9.91 yuan and Yunnan Copper jumped 3.15 percent to 31.80 yuan.


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