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Stocks remain in bullish mood

By Huang Tiantian  (China Daily)

09:41, January 31, 2013

Mainland stock markets rose on Wednesday, led by real estate companies and securities firms, sending the benchmark index farther into bullish territory.

The Shanghai Composite Index climbed 1 percent to 2382.48 points, reaching its highest level in nearly eight months.

The Shanghai index has risen 22 percent since Dec 3.

The Shenzhen Component Index closed at 9783.84 points, up 0.82 percent, while the Hang Seng China Enterprises Index of mainland companies traded in Hong Kong increased 0.78 percent.

The increases were driven by positive news from the real estate industry and from the China Securities Regulatory Commission, analysts said.

Dacheng Fund Management Co Ltd, a Shenzhen-based brokerage, predicted that China's stock markets will keep rising in 2013 on continued economic recovery.

According to data from Homelink, a major Chinese property brokerage, Beijing's sales of commercial property in January reached 10,032 units, up 570 percent year-on-year.

Property stocks rose 2.11 percent on the news, led by the shares in Gemdale Corp - China's third-largest property developer by market value - which increased 9.8 percent.

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