Business / Markets

Stocks hit four-month high

By Xie Yu (China Daily) Updated: 2012-12-21 09:24

Shares on the Chinese mainland ended at their highest level since August on Thursday, with brokerages and nonferrous metal leading the rally.

The Shanghai Composite Index rose 0.3 percent to 2,168.35 at the close, the highest since Aug 10.

Mainland stocks have rebounded more than 9 percent since December. That shows investors at home and abroad have increased confidence in the country's economy next year, based on a series of policies coming out, Xinhua News Agency said in an analysis.

Brokerages led the rally from Thursday's lunch time. CITIC Securities Co Ltd, the nation's biggest listed brokerage, gained 2 percent to 12.04 yuan ($1.93). Sealand Securities Co Ltd jumped by 9.97 percent to 11.58 yuan.

Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co Ltd, China's biggest producer of the minerals, surged 6.9 percent to 38.26 yuan, the highest close since Aug 14, after industry leaders said the price of rare earths should remain stable and exports in 2013 should be similar to 2012.

Rising Nonferrous Metals Share Co jumped 10 percent to 54.14 yuan.

The CSI300 index, which tracks stocks in Shanghai and Shenzhen, realized its fifth-straight daily gain, closing up 0.6 percent at 2,384.8.

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