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Stocks rebound for weekly gain

SHANGHAI'S market closed higher and ended the week above 3,000 points, the highest level in more than two weeks, as the banking sector rebounded.

The benchmark Shanghai Composite Index rose 1.09 percent, or 32.63 points, to close at 3,018.13 points. Turnover was 56.1 billion yuan (US$8.2 billion). Gainers outnumbered losers 794 to 79, and 42 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, added 1.07 percent higher to close at 1,130.52 points.

The index added 2.70 percent this week, the biggest weekly gain this year, as the market eased inflation concerns and signs of more demand for raw material boosted miners. The market will reopen on February 22 after the Lunar New Year's holiday.

Loans for new projects should be strictly controlled, the central bank said in its fourth quarter monetary policy report on its Website late on Thursday. It also called for continued pro-growth fiscal policies in this year. It set the annual growth rate for M2 supply by 17 percent.

The news boosted banks, which continued yesterday's gain. Shanghai Pudong Development Bank rose 0.87 percent to 19.81 yuan. Bank of Communications was up 0.98 percent to 8.27 yuan. China Merchants Bank added 1.41 percent to 15.78 yuan. China Construction Bank jumped 1.43 percent to 5.69 yuan.

Real estate developers also lifted the index. Poly Real Estate Group edged up 0.62 percent to 19.47 yuan. China Vanke Co, the biggest listed domestic real estate developer, rose 0.97 percent to 9.37 yuan. Gemdale Corporation advanced 1.40 percent to 12.34 yuan.

Metal producers were also among the gainers. Zhongjin Gold Mining Co rallied 4.59 percent to 51.93 yuan. Yunnan Copper Co advanced 2.80 percent to 26.07 yuan. Aluminum Corporation of China Ltd added 1.28 percent to 12.69 yuan.

China Shenhua Energy Co, the biggest coal producer, said sales in January added 10 percent from the previous year to 19.4 million tons. Its shares rose 0.86 percent to 29.43 yuan.

Brokerages showed mixed results. Everbright Securities lost 1.08 percent to 26.56 yuan. Guoyuan Securities rose 0.38 percent to 18.29 yuan. Citic Securities edged up 0.26 percent to 27.32 yuan.


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