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Shanghai stocks rise on optimism about growth

SHANGHAI'S key stock index rose more than 1 percent in the morning session, after a government official said the country's industrial output growth will continue to accelerate in the fourth quarter.

The benchmark Shanghai Composite Index gained 1.3 percent, or 40.04 points, to close at 3,116.69 points. Turnover stood at 93.5 billion yuan (US$13.75 billion). Gainers outnumbered losers 772 to 101, and 14 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.73 percent to close at 1,104.46 points.

Li Yizhong, Minister of Industry and Information Technology, said the country's industrial production had surmounted the most difficult time and was expected to grow as much as 16 percent year on year in the fourth quarter after expanding 12.4 percent in the third quarter.

Gold miners led the gainers after the bullion price rose on expectations of weaker US dollar. Shandong Gold Mining Co jumped 3.9 percent to 69.05 yuan. Zhongjin Gold Corp, the second biggest by market value, gained 3 percent to 58.72 yuan. Zijin Mining Group Co, the country's largest gold producer, added 1.6 percent to 9.37 yuan.

Metal producers were strong after a measure of six metals traded on the London Metal Exchange, including copper and zinc, added 0.7 percent yesterday.

Aluminum Corporation of China Ltd advanced 1.8 percent to 14.16 yuan. Jiangxi Copper Co gained 1.2 percent to 39.8 yuan.

Sinolink Securities Co surged 3.6 percent to 23.28 yuan. Everbright Securities Citic Securities Co climbed 2.3 percent to 23.99 yuan. Haitong Securities Co increased 2.6 percent to 14.82 yuan.


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