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Shanghai shares grow on gov't pledge to extend stimulus

SHANGHAI'S key stock index closed higher to end above 2,900 points in the morning after Finance Minister reiterated stimulus macroeconomic policies.

The benchmark Shanghai Composite Index added 1.60 percent, or 45.89 points, to close at 2,907.50 points. Turnover was 74.4 billion yuan (US$10.9 billion). Gainers outnumbered losers 806 to 43 and 51 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, advanced 2.12 percent to close at 989.10 points.

"China will stick to its stimulus policy as the recovery is still not solid," Finance Minister Xie Xuren said on Sunday.

Xie said the series of measures to promote economic growth have already achieved results as he was attending the G20 meeting in London, Xinhua news agency reported.

China Vanke Co, the biggest listed domestic real estate developer, rose 1.52 percent to 11.34 yuan. Gemdale Corporation edged up 0.36 percent to 14.01 yuan. Shanghai Shimao Co Ltd jumped 1.60 percent to 14.62 yuan.

China Pacific Insurance (Group) Co Ltd dipped 0.05 percent to 21.00 yuan. Ping An Insurance (Group) Co surged 3.48 percent to 50.90 yuan. China Life Insurance Co Ltd, the country's largest life insurance company, jumped 2.98 percent to 28.32 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, rose 1.04 percent to 4.85 yuan. Shanghai Pudong Development Bank was up 1.34 percent at 20.44 yuan. China Construction Bank increased 1.23 percent to close at 5.76 yuan. Bank of Communications climbed 1.36 percent to 8.94 yuan.

Metal producers were also among the gainers. Shandong Gold Mining Co surged 4.56 percent to 58.00 yuan. Zijin Mining Co advanced 2.33 percent to 9.22 yuan. Zhongjin Gold Co rose 3.44 percent to 55.96 yuan.


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