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Investor optimism pulls index to end up

By Ye Zhen (Shanghai Daily)

11:01, January 22, 2013

SHANGHAI stocks yesterday edged up to the highest in nearly eight months as investors were cheered by China's economic outlook and on a reform of the stock market.

The Shanghai Composite Index added 0.48 percent to 2,328.22 points, the highest close since June 1, 2012.

"A pick-up in economic growth in the fourth quarter indicates China's economy has adjusted itself into a new growth cycle, which added new impetus to the market," Shenyin and Wanguo Securities said.

Meanwhile, the domestic stock markets were also boosted by reform measures such as tighter auditing of initial public offering applications and efforts to attract more foreign investment, the brokerage said.

Officials from the China Securities Regulatory Commission will visit Taiwan later this month to discuss opening cross-strait stock markets, Reuters said yesterday, citing unnamed sources.

JPMorgan Chase & Co raised its forecast for China's economic growth from 8 percent to 8.2 percent this year on hopes the country's infrastructure investment, housing market and manufacturing sector would continue to do well this year although growth in retail sales may ease in the next few months.

Yangquan Coal Industry (Group) Co jumped 6.9 percent to 15.28 yuan (US$). Shanxi Lanhua Sci-Tech Venture Co climbed 2.1 percent to 22.71 yuan.

China Merchants Securities saw coal prices to rise as the government's tighter scrutiny on production safety may reduce coal supply.

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