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Wen's remark lifts key stock index to new high

SHANGHAI'S key stock index scaled another new high yesterday, boosted by Premier Wen Jiabao's comments that the government will maintain a moderately loose monetary policy.

The benchmark Shanghai Composite Index advanced 1.33 percent, or 44.11 points, to close at 3,372.60, a 13-month high. Turnover was 223.6 billion yuan (US$32.7 billion).

The barometer recorded a 5.7 percent gain this week, the best weekly performance in more than two months.

Wen Jiabao was quoted by Xinhua news agency as saying on Thursday that the current policies will continue and that the economy is showing signs of recovery.

"The market will enter a period of adjustment and we suggest investors do not sell or buy too often under such circumstances because it has gained too much in a short period of time," Donghai Securities said in a note.

PetroChina, the biggest component in the index, surged 5.41 percent to 16.18 yuan while China Petroleum and Chemical Corp, Asia's largest refiner and also known as Sinopec, jumped 3.48 percent to 14.27 yuan.

Datong Coal Industry Co rose 2.75 percent to 52.69 yuan, Shanxi Xishan Coal and Electricity Power Co jumped 3.39 percent to 40.87 yuan and Anhui Hengyuan Coal Industry and Electricity Power Co Ltd edged up 0.36 percent to 39.48 yuan. China Coal Energy Co Ltd jumped 6.57 percent to 16.39 yuan.

Metal producers were mixed. Aluminum Corporation of China Ltd, the country's biggest producer of the metal, surged by the daily limit of 10 percent to 17.89 yuan. Jiangxi Copper Co rose 1.44 percent to 46.39 yuan, Shandong Golden Mining Co lost 1.20 percent to 60.34 yuan and Zijin Mining Co shed 1.58 percent to settle at 11.19 yuan.

Real estate developers fell. China Vanke Co dropped 1.39 percent to 14.22 yuan and Gemdale Corp lost 0.97 percent to 19.32 yuan.


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