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China's main stock index ends 2009 up 80 percent

China's main stock index ends 2009 up 80 percent

China's main stock index ended 2009 with an annual gain of 80 percent after shares edged up Thursday following a year of heavy government stimulus spending and bank lending.
The benchmark Shanghai Composite Index gained 0.5 percent, or 14.54 points, to 3,277.14, up from 1,820.81 on the last trading day of 2008. The Shenzhen Composite Index for China's smaller second exchange added 0.6 percent, or 7.44 points, to 1,201.34.
"The market fluctuated within a close range today. It shows the investors were not too pessimistic at the end of the year," said Li Hongrong, an analyst with Ping'an Securities in Shenzhen.
Li said optimism should continue into the new year but could be tempered by concern about possible inflation.
China's shares were buoyed this year by the government's 4 trillion yuan ($586 billion) stimulus and a surge in bank lending in the first half, which helped to pump liquidity into the market.
The Shanghai index hit a high of 3,471.44 on Aug. 4 before plunging in September and climbing back over a series of wild price swings in ensuing months. The government has promised that easy credit will continue next year.
On Thursday, gains were led by copper producers on higher prices. Jiangxi Copper Ltd. added 1.5 percent to 40.21 yuan and Yunnan Copper Ltd. was up 1.3 percent to 30.61 yuan.
Industrial & Commercial Bank of China Ltd., the country's biggest commercial lender, rose 0.9 percent to 5.44 yuan. Bank of China Ltd. was up 0.2 percent at 4.33 yuan.
PetroChina Ltd., Asia's biggest oil producer, edged up 0.1 percent to 13.82 yuan, while rival Sinopec, or China Petroleum & Chemical Corp., declined 0.4 percent to 14.09 yuan.
In currency markets, China's yuan strengthened to 6.8268, up from Wednesday's 6.8282.


Updated : 2021-06-24 09:09 GMT+08:00