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Shanghai index gains over 2%

SHANGHAI'S key stock index soared more than 2 percent to its highest close in almost two months yesterday amid growing expectations of government measures to boost China's economy.

The Shanghai Composite Index added 2.44 percent, or 49.13 points, to 2060.81 points.

Gainers outnumbered losers 837 to 37 while eight stocks were unchanged. Turnover swelled to 96.7 billion yuan (US$14.22 billion), up from Monday's 61.8 billion yuan.

"Investors are upbeat about favorable measures being rolled out," Golden Sun Securities Co wrote in a research note.

Premier Wen Jiabao told London's Financial Times on Monday that China is actively exploring ideas to expand the use of its massive foreign exchange reserves. Measures to boost the machinery and textile industries were reportedly submitted to the Cabinet last Wednesday, while steps to bolster the ship building industry were also expected.

Among the gainers were garment makers and machinery builders, with Youngor Group Co surging 5.3 percent to 8.94 yuan and Ningbo Shanshan Co jumping 5.34 percent to 8.48 yuan.

Guangzhou Shipyard International Co, a unit of China's biggest ship builder, rose the 10 percent daily limit to 18.26 yuan after the Ministry of Industry and Information Technology said China's ship building industry sailed to a 51-percent jump in profit last year to 28.3 billion yuan.

Bucking the trend, real estate developers dropped after the central government halted plans by the Chongqing government to offer tax rebates on home purchases.


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