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Bargain hunters boost market
20/7/2005 10:26

Fu Chenghao/Shanghai Daily news

Bargain hunters took advantage of two consecutive days of market downturn yesterday with a buying spree that pushed up local shares.
Shanghai Zhenhua Port Machinery Co paced the rise after the company received an order for cranes valued at 175 million euros (US$210 million).
The Shanghai Composite Index, which tracks yuan-denominated A shares and foreign-currency B shares, gained 0.22 percent to 1,014.35. The index had lost a combined 27.51 points over the two previous sessions. The A-share Index added 0.20 percent to close at 1,066.92 while the B-share Index climbed 2.45 percent to 52.70.
Last month, China picked a second batch of 42 companies to sell state shares, a move the government is using to trim its US$230 billion of holdings to improve corporate governance and revive market confidence.
Jilin Aodong Medicine Industry Groups Co is the first among the 42 to put its proposal to a vote at a shareholders' meeting on Monday.
Shanghai Zhenhua, the world's biggest maker of container cranes, jumped 5.35 percent to 6.30 yuan.
The company will deliver the cranes to Euromax Terminal CV, a joint venture between Europe Container Terminals and shipping line P&O Nedlloyd NV, starting in 2006, the company said.
China Unicom Ltd added 1.13 percent to close at 2.68 yuan.