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Stocks up on remarks from Premier Wen

By Wang Jiamei (Global Times)

08:10, April 26, 2012

Both the Shanghai and Shenzhen stock markets registered considerable increases yesterday due to market expectations of further easing policies following Premier Wen Jiabao's pledge to maintain steady economic growth in the country.

The Shanghai Composite Index gained 0.75 percent, or 17.98 points, to close at 2,406.81; while the Shenzhen Component Index jumped 1.20 percent, or 120.12 points, to finish at 10,162.01.

Market optimism was sparked again after Premier Wen Jiabao yesterday said at a press conference in Stockholm with the Swedish Prime Minister that China has confidence that it will continue to sustain robust economic growth, and will remain committed to reforming and opening up its economy.

The Shanghai Composite opened lower before fluctuating on an upward trend in the morning session. The index got a boost from the property sector and climbed above its five-day moving average and the 2,400 point mark.

Most sectors, such as real estate, nonferrous metals and steel experienced gains; while shipbuilding, securities and banking stocks were the only sectors that suffered losses yesterday.

The property sector was the best performer yesterday. Chongqing Yukaifa jumped the daily limit by 10.09 percent to 6.44 yuan ($1.02), Zhejiang Guangsha surged 10.02 percent to 5.93 yuan, and Baoan Hongji Real Estate Group soared 10.00 percent to 5.06 yuan.

The combined turnover of the Shanghai Composite and Shenzhen Component contracted 5.16 percent compared to Tuesday to 195.71 billion yuan. The two indices together saw 1,763 stocks gain in value, 520 lose and 181 draw even.

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