Stocks end up 0.4%, gold miners rise on new rules

08:56, August 05, 2010      

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China's key stock index rebounded in the last minutes of trade to end 0.4 percent higher Wednesday, lifted by small-cap issues and the auto sector.

The Shanghai Composite Index closed at 2,638.5 points, reversing a 1.7 percent fall Tuesday.

Analysts said the previous day's fall was because the index had risen too much in the past few days and was undergoing a correction.

"The correction is quite normal and will not continue for a long time," said Chen Shaodan, analyst at Stockfly Securities in Beijing.

The auto sector was bolstered by a news report that China's government would invest 100 billion yuan ($14.77 billion) to subsidize its fledgling environmentally friendly car industry over the next 10 years.

Gold miners were lifted by an announcement by Beijing that it is further freeing up the bullion market by allowing more commercial banks to import and export the precious metal.

However some banks and property stocks took a turn for the worse.

Turnover in Shanghai A shares decreased to 112 billion yuan ($16.54 billion) from 130 billion yuan ($19.19 billion) Tuesday.

Source: Global Times


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