InfoAnda - China shares hit 9-month high on rebound hopes

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China shares hit 9-month high on rebound hopes AP - Wednesday, May 6 SHANGHAI - China's benchmark stock index rose to a nine-month high Tuesday, on renewed hopes that the economy is poised for a recovery. Property shares led the advance. ADVERTISEMENT The benchmark Shanghai Composite Index edged up 7.43 points, or 0.3 percent, to 2,567.34, its highest close since Aug. 8, 2008. The Shenzhen Composite Index for China's second exchange jumped 0.9 percent to 867.23. The benchmark's gain was narrower than Monday's 3.3 percent climb, but analysts said buying enthusiasm was still strong. "At least in the short term, the economic outlook is optimistic. From private to fixed assets investment, data all showed well," said Huang Xiangbin, an analyst for Cinda Securities in Beijing. Real estates shares climbed after a housing industry group said China's property market bottomed out in the first quarter of the year. China Vanke Ltd., the country's biggest developer, gained 2.7 percent to 9.04 yuan, while rival Poly Real Estate Group, rose 1.5 percent to 20.29 yuan. Fujian-based companies soared on the Cabinet's approval Monday of a plan to develop the province nearest to Taiwan into a coastal economic zone. Fujian Cement Inc. and Fujian Expressway Development Co. both surged by the daily 10 percent limit _ to 8.04 yuan and 6.94 yuan, respectively. Renewable energy shares jumped after Chinese media reported the government is drafting policies to favoring the industry. Wuhan Linuo Solar Energy Group added 4.4 percent to 2.21 yuan and Shenzhen Desay Battery Tech Co., which makes mercury-free batteries, added 1.4 percent to 10.03 yuan. In currency markets, the yuan strengthened to 6.8197 to the U.S. dollar, up from Monday's close of 6.82166. Email Story IM Story Printable View Blog This Related Articles: China's Economy Services sector slump less severe in AprilReuters - 1 hour 46 minutes ago Duke 1Q profit falls 26 percent as industry slowsAP - 1 hour 47 minutes ago Bernanke: Economy should grow again later in 2009AP - 1 hour 48 minutes ago Bernanke sees U.S. economy turning up this yearReuters - 1 hour 55 minutes ago Related Articles: Business Pier 1 shares climb to 7-month high after NYSE OKAP - 1 hour 17 minutes ago ATM maker Diebold 1Q profit falls, cuts jobsAP - 1 hour 22 minutes ago Turkish markets gain as inflation fallsReuters - 1 hour 29 minutes ago India cbank to conduct only morning LAF auctionsReuters - 1 hour 33 minutes ago Bernanke sees U.S. recovery this yearReuters - 1 hour 35 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US banks may need more funds Court okays breast removal for transsexual teen: report Kenyan women to sex-starve men -- for politics Swine flu in decline: Mexico Brain abnormality found in autistic tots: report View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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