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Premier's remarks boost index

SHANGHAI'S key stock index edge up in morning trading after Premier Wen Jiabao reiterated that China would stick to its economic policy.

The benchmark Shanghai Composite Index edged up 0.54 percent, or 14.45 points, to close at 2,698.18 points. Turnover was 47.3 billion yuan (US$6.9 billion). Gainers outnumbered losers 413 to 409 and 88 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.22 percent to close at 902.50 points.

Wen said yesterday that the government would continue a proactive fiscal policy and a moderately loose monetary policy during a meeting with the head of the World Bank, Xinhua reported.
The National Development and Reform Commission said last night that prices of gasoline, diesel and jet fuel would be increased by 300 yuan a ton from today. Gasoline prices were up 4.6 percent and diesel gained 5.2 percent.

Oil companies and energy producers showed mixed results. PetroChina, the country's largest oil producer, was up 0.31 percent to 12.90 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, dropped 0.71 percent to 11.23 yuan.

Shanxi Guoyang New Energy Co rose 5.68 percent to 36.64 yuan. Anhui Hengyuan Coal Industry and Electricity Power Co added 3.22 percent to 27.88 yuan.

Shanghai Pudong Development Bank rose 1.94 percent to 18.90 yuan. China Construction Bank jumped 3.43 percent to close at 5.43 yuan. Bank of Communications rose 2.33 percent to 8.35 yuan. Industrial Bank added 3.52 percent to 29.98 yuan.

China Vanke Co, the biggest listed domestic real estate developer, added 1.42 percent to 10.03 yuan. Gemdale Corporation rose 1.61 percent to 12.63 yuan. Poly Real Estate Group advanced 2.73 percent to 20.80 yuan. Shanghai Shimao Co Ltd was up 0.67 percent to 13.43 yuan.


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