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Key stock index closes at nearly 6-month high


09:16, December 26, 2012

BEIJING, Dec. 25 (Xinhua) -- Chinese shares closed with a strong rally on Tuesday led by the property sector, as investors believe the country's upcoming urbanization initiatives will push up demand for urban homes.

The benchmark Shanghai Composite Index surged 2.53 percent to end at 2,213.61, the highest level since early July, while the Shenzhen Component Index jumped 3.01 percent to finish at 8,891.57 points, the highest since mid-August.

Combined turnover on the two bourses expanded sharply to 220.8 billion yuan (35.1 billion U.S. dollars) from 136.7 billion yuan the previous trading day.

Gainers outnumbered losers by 963 to 11 in Shanghai and by 1,476 to 37 in Shenzhen

Property shares drove the rises on Tuesday over anticipation of detailed government policies to advance urbanization, which will fuel demand for urban homes.

In a statement issued after the central economic work conference, which was held earlier this month and set the tone for next year's policymaking, China said urbanization is a key driver of domestic demand and will be actively and steadily pushed forward in 2013.

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