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Shanghai shares rise as loose monetary stance stays

SHANGHAI'S stock market rose in the morning session after the central bank said that it would maintain a relatively easy monetary policy.

The benchmark Shanghai Composite Index was up 0.65 percent, or 20.17 points, to close at 3,195.36 points. Turnover was 74.4 billion yuan (US$10.9 billion). Gainers outnumbered losers 658 to 171, and 83 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.11 percent to close at 1,148.10 points.

The People's Bank of China said in its third-quarter monetary policy report that it would keep a relatively loose monetary policy and seek a balance between maintaining a stable economic growth and curbing inflation risks.

"We will make policies more flexible and sustainable to keep up with economic climate and price changes," the central banks said in a statement late yesterday.

Banking shares recovered from yesterday's losses. Shanghai Pudong Development Bank edged up 0.43 percent to 23.36 yuan. China Construction Bank rose 0.33 percent to close at 6 yuan. Bank of Communications rose 0.79 percent to 8.91 yuan.

Metal producers were also among the gainers after gold surged to a record US$1,119.10 an ounce as the weak dollar boosted its demand. Zijin Mining Co rose 0.72 percent to 9.79 yuan. Shandong Gold Mining Co jumped 1.58 percent to 75.35 yuan. Yunnan Copper Co was up 0.71 percent to 31.11 yuan.

China Railway Group Ltd said one of its units has won construction contracts in many domestic projects worth a total of 13.39 billion yuan. Its shares rose 0.65 percent to 6.17 yuan.

Property developers showed mixed results. China Vanke Co, the biggest listed domestic real estate developer, dipped 0.25 percent to 11.95 yuan. Gemdale Corporation was down 0.31 percent to 16.05 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd edged up 0.35 percent to 28.61 yuan.

The Baltic Dry Index, an index of shipping rates of dry bulk goods, posted a 10th consecutive gain to 3,748 points yesterday. China Shipping Development Co Ltd advanced 3.09 percent to 14.99 yuan. China Shipping Container Lines Co Ltd rose 1.50 percent to 4.75 yuan. China Cosco Holdings Co Ltd added 1.44 percent to 14.81 yuan.


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