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November 23, 2009

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Stocks likely to keep upward direction

THE Shanghai stock market is expected to maintain its upward trend this week on expectations that some economic stimulus measures introduced late last year to help shore up the Chinese economy will be continued to cement the economic recovery, analysts said.

The Shanghai Composite Index rose 3.79 percent last week to end at 3,308.35 last Friday.

The State Council, or the Cabinet, will hold its central economic working meeting at the end of this month. It will also lay out the blueprint for macroeconomic policies in 2010.

"The central government is expected to maintain stimulus measures to consolidate the country's economic recovery," Yi Xiaobin, an analyst at Galaxy Securities, wrote in a report.

"Heavyweights including banks and the energy sector will benefit from the government's stimulus measures and the index may climb to near 3,400 points this week," Yi worte.

The market is likely to see a V-shaped direction this week but will not change its upward trend, according to Shenyin & Wanguo Securities.


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