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Premier's support boosts market

SHANGHAI'S market ended higher today after Premier Wen Jiabao said that the country would maintain its stimulus plan and pro-active fiscal policy for next year.

The benchmark Shanghai Composite Index gained 1.51 percent, or 47.43 points, to close at 3,188.78 points. Turnover was 110.6 billion yuan (US$16.26 billion). Gainers outnumbered losers 801 to 44, and 10 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, added 1.54 percent to close at 1,186.2 points.

Premier Wen Jiabao yesterday said an interview with Xinhua news agency that withdrawing government support too early would ruin the country's achievements in fighting the global economic crisis. He added that economic performance still relies on support from government policies.

Shanghai Pudong Development Bank jumped 2 percent to 20.77 yuan. China Construction Bank rose 0.9 percent to close at 5.87 yuan. Bank of Communications was up 1.4 percent to 8.44 yuan.

Metal producers were also among the gainers. Zijin Mining Co added 1 percent to 9.57 yuan. Shandong Gold Mining Co jumped 2.6 percent to 80.83 yuan. Yunnan Copper Co advanced 1.6 percent to 29.17 yuan.

China Vanke Co, the biggest listed domestic real estate developer, added 0.6 percent to 10.60 yuan. Gemdale Corporation rose 0.7 percent to 13.54 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd was up 1 percent to 24.64 yuan.

Brokerages also boosted the market after Yan Bian Highway Construction Co said it is still under negotiations to issue new shares to merge with GF Securities, paving the way for GF's listing in the Shenzhen bourse. Haitong Securities jumped 2.2 percent to 18.38 yuan. Everbright Securities advanced 4.3 percent to 24.16 yuan. Guoyuan Securities hiked 3.3 percent to 20.39 yuan.


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