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Stock index climbs to 9-month high

SHANGHAI'S key stock index rose to a nine-month high yesterday, led by banks, property developers and oil refiners.

The Shanghai Composite Index added 0.9 percent, or 23.9 points, to close at 2,676.68, the highest close since August 7. Turnover rose to 148.28 billion yuan (US$21.81 billion) from 117.76 billion yuan on Monday.

"The financial sector was undervalued after previous corrections," said Wu Ling, an analyst with S&E Securities Brokerage Co. "These under-valued shares pushed the barometer to a new high in this round of rebound, but there was still some hesitance on the way up as shares dipped a little in the afternoon."

The Bank of Communications Co gained 1.25 percent to 7.27 yuan, Shanghai Pudong Development Bank Co rose 3.22 percent to 25.99 yuan and China Merchants Bank Co added 0.53 percent to 17.12 yuan. China Construction Bank Corp edged up 0.66 percent to 4.61 yuan and the Industrial and Commercial Bank of China added 0.46 percent to 4.33 yuan.

The petrochemical sector gained after details of a revival plan were announced. PetroChina, the biggest component in the index, climbed 1.39 percent to 13.15 yuan. Sinopec, Asia's largest refiner, gained 0.96 percent to 10.56 yuan. Sinopec Shanghai Petrochemical Co jumped 5.03 percent to 7.73 yuan.

Gemdale Corporation surged 3.16 percent to 16.66 yuan, Poly Real Estate Group Co soared 4.14 percent to 22.87 yuan and Shanghai Lujiazui Finance & Trade Zone added 0.12 percent to 25.22 yuan.

"Considering the strong performance of heavyweights, the local benchmark index still has much room for a rebound. The index is seen to keep moving upwards with stable heavyweights," GF Huafu Securities Co wrote in a research note.


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