Bourse closes up o.7% to fresh 5-month high

09:32, October 14, 2010      

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China's key stock index closed at a fresh five-month high, up 0.7 percent Wednesday, with gains in the property sector offsetting a sell-off in energy issues that had gained in the recent rally.

The Shanghai Composite Index was at 2,861.4, extending its fourth day of rises, after closing up 1.2 percent Tuesday.

The index gained some momentum in late trade after the central bank released data showing strong lending by Chinese banks in September, while it was little changed at midday in the wake of foreign trade figures that showed China's resilient import growth.

Despite China's solid economic performance, its stock market is down 13 percent this year on measures to curb bank lending and tame property speculation.

Analysts said the index, which has jumped nearly 8 percent into "bull territory" since the national holiday last week, has the potential to reach 2,900-3,000 points in about a month.

Source: Global Times


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