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Shanghai stocks bounce back thanks to banks

SHANGHAI'S key stock index edged up yesterday after a rebound in the financial sector offset a decline in the morning session.

The Shanghai Composite Index rose 0.37 percent to close at 1,994.11 points. Turnover was 55.5 billion yuan (US$8.4 billion), down from Monday's 81.1 billion yuan. Gainers outnumbered losers 434 to 292, and 82 remained unchanged.

"The market correction is normal after gaining for four days, and we suggest the performance of the index is not likely to be very strong before major economic data for December last year is disclosed later this week," GF Securities reported in a research note.

Banks reversed their losses in the morning session. The Industrial Bank increased 3.26 percent to 18.68 yuan. The Bank of Communications added 2.77 percent to 5.56 yuan. Shanghai Pudong Development Bank was up 1.5 percent to close at 16.20 yuan.

China Petroleum and Chemical Corp, Asia's largest refiner and also known as Sinopec, reversed the loss in the morning session and ended 1.41 percent higher at 7.91 yuan.

Baoshan Iron and Steel Co, China's biggest steelmaker, added 1.71 percent to 5.35 yuan.

Brokerages performed strongly overall. The Securities Association of China yesterday announced unaudited results showed total revenue last year for a total of 107 domestic brokerages reached 125.1 trillion yuan and 95 brokerages reported profits.

Haitong Securities, the country's second-largest listed brokerage, surged 9.06 percent to 11.56 yuan. CITIC Securities Co, the brokerage unit of China's biggest investment company, added 2.46 percent to close at 21.26 yuan. Changjiang Securities Co rallied 5.38 percent to 10.96 yuan.


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