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Shanghai key stock index hits 10-month high

SHANGHAI'S key stock index climbed for a third consecutive day and closed at a 10-month high yesterday after macro-economic data for last month was released yesterday morning.

The benchmark Shanghai Composite Index rose 1.02 percent, or 28.36 points, to close at 2,816.25, the highest since July 30. Turnover was 144.1 billion yuan (US$21.1 billion).

China's Consumer Price Index was down 1.4 percent from a year earlier. The main gauge for inflation fell for the fourth consecutive month, according to the National Bureau of Statistics. The Producer Price Index fell 7.2 percent from the year-earlier period.

"The market may fluctuate around 2,800 points in the near future. Although heavyweights will remain strong, we suggest investors act with caution and avoid buying too many shares at the moment," said a research note by Shenyin and Wanguo Securities.

Banks had mixed results. China Construction Bank edged up 0.57 percent to 5.30 yuan. The Bank of China was up 0.51 percent to 3.96 yuan. The Bank of Communications added 1.01 percent to 7.99 yuan. Shanghai Pudong Development Bank lost 1.5 percent to 21 yuan.

China Life Insurance Co rose 0.72 percent to 26.49 yuan. China Pacific Insurance (Group) Co advanced 3.93 percent to 20.46 yuan.


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