Domestic market declines earlier this week on fears of tightening monetary policy were overcome yesterday by last-minute bargain hunting and overnight gains on Wall Street, the Wall Street Journal reported. The Shanghai Composite Index fell 4.5% from Monday to Wednesday, then dipped 1.7% on Thursday morning, only to end the day up 0.9%, or 27.84 points at 3,140.56. The Shenzhen Composite Index rose 8.35 points, or 0.8%, to 1,060.86. Following an overnight rebound in base metals on the London Metal Exchange, copper ended up 2.5%, or US$6,190 a metric ton, pushing Jiangxi Copper up 8.6% to RMB42.73 (US$6.25). A 3% rise in the price of aluminum sent Yunnan Aluminum up 5.4% to RMB14.49 (US$2.12). Banks also rose on bargain hunting. China Construction Bank rose 5.7% to RMB6.08 (US$0.89) while Shanghai Pudong Development Bank increased 3.3% to RMB23.88 (US$3.49).
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