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Buyback hopes carry blue-chips higher in mixed market day

By Wang Jiamei (Global Times)

08:29, August 29, 2012

Stock markets in Shanghai and Shenzhen ended at odds Tuesday after a wave of positive news buoyed several of the market's heavily weighted sectors.

The benchmark Shanghai Composite Index added 0.85 percent, or 17.45 points, to close at 2,073.15, its highest close in three weeks. Meanwhile, the Shenzhen Component Index gave up a scant 1.79 points, or 0.02 percent, to finish at 8,400.36 after tumbling late in the trading day.

Both indices opened lower and wavered throughout the morning session despite strong gains in the steel sector after Baoshan Iron & Steel Co, one of the country's largest steel makers, announced a share buyback plan.

Speculations emerged in the afternoon that leading firms in other sectors would soon follow Baosteel's example with repurchase plans of their own, leading shares of State-owned giants like China Petroleum & Chemical Corporation (Sinopec), PetroChina Co, China United Network Communications Ltd, China Shenhua Energy Co to soar on a sudden surge of investor confidence.

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