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Stocks jump nearly 2% to end at 4-month high

SHANGHAI'S key stock index yesterday rode on last week's positive momentum and climbed nearly 2 percent to end at a four-month high of above 2,200 points yesterday.

The Shanghai Composite Index climbed 1.99 percent, or 43.48 points, to close at 2,224.71 points. Turnover was 150.4 billion yuan (US$21.9 billion). A total of 841 stocks gained, 29 fell and 38 remained unchanged.

"China has outperformed other stocks markets in January and this will continue in February as further positive measures are to be announced which will attract more institutional and individual investors to enter the stock market," according to Zhao Yuanyuan, an analyst with United Securities.

China Cosco Holdings Co, the world's largest operator of dry-bulk ships, surged to the daily limit of 10 percent and ended at 10.74 yuan. The Baltic Dry Index, a measure of commodity shipping costs, jumped more than 50 percent in the past week, an indication of a rebound in shipping rates. Cosco Shipping Co Ltd, a subsidiary of Cosco Holdings, added 6.83 percent to 10.16 yuan. China Shipping Development Co Ltd rose 4.17 percent to 12 yuan.

China Southern Airlines jumped 9.41 percent to 4.30 yuan while China Eastern Airlines, the nation's third-largest carrier by fleet, added 3.60 percent to 5.47 yuan.

The non-ferrous metal sector also gained. Aluminum Corporation of China Ltd surged to the daily limit of 10 percent to 9.56 yuan. Chengde Xinxin Vanadium and Titanium Co Ltd and Jiangxi Copper Co Ltd also rose by 10 percent to close at 7.22 yuan and 16.74 yuan respectively.


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