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September 4, 2009

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Shanghai stocks rally nearly 5%

SHANGHAI'S key stock index rebounded nearly 5 percent to close above 2,800 points yesterday after China's securities regulator reiterated that a stable development of the stock market is essential.
The Shanghai Composite Index jumped 4.79 percent, or 130.05 points, to close at 2,845.02. Turnover jumped to 138.9 billion yuan (US$20.3 billion) from Wednesday's 88.2 billion yuan. There were 874 gainers while 36 stocks were unchanged. There were no decliners.
China will make all efforts to develop the country's stock market in a steady manner, Liu Xinhua, vice chairman of the China Securities Regulatory Commission, said on Wednesday. The CSRC will also be fully prepared for the launch of the growth enterprise market, he added.
"The index will not rebound to a very high level and is likely to hover at around 3,000 points in the near future," Zhongyuan Securities wrote in a research note.
Metal firms gained after gold futures for December delivery on the New York Mercantile Exchange gained 2.3 percent to US$978.50 an ounce after jumping to a three-month high on Wednesday.
Shandong Gold Mining Co surged by the daily limit of 10 percent to 51.69 yuan. Zijin Mining Co hiked 9.19 percent to 8.68 yuan, Zhongjin Gold Corp added 10 percent to 52.31 yuan and Jiangxi Copper rose 10 percent to 35.17 yuan.
The Industrial and Commercial Bank of China jumped 4.17 percent to close at 4.75 yuan.


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