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Chinese Shares up 1% as Recovery Signs Boost Confidence
[2009-02-03 09:17:11]
Chinese shares rose about 1 percent Monday, the first trading day after the national Lunar New Year holiday, as signs of an economic recovery inspired investor confidence, analysts said.
Total loans of Chinese banks hit 900 billion yuan (about 130 billion U.S. dollars) in the first 20 days of January, up 12 percent year-on-year, Premier Wen Jiabao told the World Economic Forum in Davos, Switzerland, which ended Sunday.
The figure convinced some investors that China's economic growth could pick up again this year, analysts said.
The benchmark Shanghai Composite Index climbed 1.06 percent to 2,011.68. The Shenzhen Component Index was up 1.03 percent to 7,087.61.
Combined turnover was 94.95 billion yuan, slightly down from 95.27 billion yuan on the previous trading day of Jan. 23.
Total loans of Chinese banks hit 900 billion yuan (about 130 billion U.S. dollars) in the first 20 days of January, up 12 percent year-on-year, Premier Wen Jiabao told the World Economic Forum in Davos, Switzerland, which ended Sunday.
The figure convinced some investors that China's economic growth could pick up again this year, analysts said.
The benchmark Shanghai Composite Index climbed 1.06 percent to 2,011.68. The Shenzhen Component Index was up 1.03 percent to 7,087.61.
Combined turnover was 94.95 billion yuan, slightly down from 95.27 billion yuan on the previous trading day of Jan. 23.
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