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Shanghai shares rise nearly 2% to start week

SHANGHAI'S key stock index rose nearly 2 percent today after the central government reiterated its easy monetary policy would continue.

The benchmark Shanghai Composite Index was up 1.86 percent, or 62.61 points, to close at 3,435.21 points. Turnover rose slightly to 240.6 billion (US$35.38 billion) from 223.6 billion yuan on Friday. Gainers outnumbered losers 754 to 106 and 12 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.85 percent to close at 1,126.01 points.

"The market opened higher in the wake of rallies in other markets. The swelling turnover reflected affluent liquidity under the monetary policy despite the accelerating pace of initial public offerings," said Wen Lijun, an analyst from Nanjing Securities Co.

"The barometer still has the momentum to move upward with turnover standing at a relatively high level," said Wen.

Metal producers led gains on speculation government stimulus spending will boost demand for metals. Aluminum Corporation of China Ltd surged 8.05 percent to 19.33 yuan. Yunnan Copper, the country's third-biggest smelter of the metal, climbed the 10 percent daily cap to 34.87 yuan. Jiangxi Copper Co gained 5.73 percent to 49.05 yuan.

Baoshan Iron & Steel Co, the nation's biggest steel maker, added 5.49 percent to 8.65 yuan. Anyang Iron & Steel Inc jumped 9.23 percent to 6.39 yuan. Wuhan Iron and Steel Co was up 6.32 percent to 10.6 yuan. Handan Iron & Steel Co rose 4.85 percent to 7.13 yuan.

Brokerages were strong on news Everbright Securities had its initial public offering approved by the country's securities watchdog. CITIC Securities Co edged up 4.84 percent to 36.38 yuan. Haitong Securities Co increased 2.8 percent to 19.11 yuan. Pacific Securities Co expanded 2.08 percent to 20.66 yuan.

Sichuan Expressway, a toll-road operator, jumped 174.72 percent from its offer price in Shanghai's first initial public offering since regulators lifted a nine-month moratorium on IPOs in June.


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