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Stock market jumps 4% in morning

SHANGHAI'S key stock index hiked nearly 4 percent in the morning session on the first trading day after the eight-day break, supported by investors' faith in economic recovery and strong performance of metal producers after commodities rose.

The benchmark Shanghai Composite Index advanced 3.78 percent, or 104.97 points, to close at 2,884.4 points. Turnover was 50.2 billion yuan (US$7.35 billion). Gainers were 876 while 34 remained unchanged, and none went down.

The Shenzhen Composite Index, which tracks the smaller domestic market, increased 4.28 percent to close at 989.85 points.

China's Purchasing Managers Index was up 0.3 from the previous month to 54.3 in September, the highest level since May 2008, the China Federation of Logistics and Purchasing said on September 30. The index has remained above 50 for seven months. A reading above 50 suggested economic expansion.

Oil producers were strong after crude rose to US$71.70 per barrel on Thursday. Gold futures added 1.2 percent to US$1,056.30 an ounce.

PetroChina, the country's biggest oil producer, rose 2.68 percent to 13.04 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, was up 2.92 percent to 11.63 yuan.

Zhongjin Gold Co surged the daily limit of 10 percent to 59.68 yuan. Jiangxi Copper also rose 10 percent to 37.59 yuan. Aluminum Corporation of China Ltd jumped 8.23 percent to 13.81 yuan. Zijin Mining Co climbed 10 percent to 9.34 yuan.

Nine more companies who have received approval from the China Securities Regulatory Committee to list on the Growth Enterprise Market will start subscription on October 15. They planned to issue a total of 192 million shares to raise 2.15 billion yuan.

Banks were also among the gainers after Chinese Finance Minister pledged to maintain a proactive fiscal policy. Industrial & Commercial Bank of China, the nation's biggest lender, added 1.89 percent to 4.86 yuan. Shanghai Pudong Development Bank advanced 5.09 percent to 20.65 yuan. Bank of China rose 2.31 percent to 3.99 yuan.


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