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Optimism helps market flourish

SHANGHAI'S key stock index jumped 1.56 percent today, extending growth for a fourth consecutive day after the State Council and the World Bank expressed optimism over the Chinese economy.

The benchmark Shanghai Composite Index, which tracks the yuan-denominated A shares and hard currency B shares, rose 43.78 points to 2,853.90 points. The index touched an intraday high of 2,855.42 and an intraday low of 2,810.85.

Gainers outnumbered losers 495 to 293 while 66 remained unchanged. Transactions settled at 149.7 billion yuan (US$21.9 billion), compared with 117.9 billion yuan a day earlier.

"The market is full of optimism after the State Council and the World Bank confirmed China's economy is on track to recovery," said Zhang Qi, an analyst at Haitong Securities Co. "The index may soon surpass 3,000 points given the stronger confidence among investors."

The State Council, China's Cabinet, said on Wednesday that China's economy is at a critical moment as it begins to recover steadily. The World Bank today upgraded the forecast for China's economic growth this year to 7.2 percent from 6.5 percent made in March.

The jump in points was led by banks. Shares of the Construction Bank rose 5.2 percent to 5.87 yuan while Industrial Bank Co Ltd reported a growth of 4.05 percent to 33.65 yuan.


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