| Shanghai stocks continue rebound |
SHANGHAI, Aug. 2 -- SHANGHAI stocks rebounded today thanks to the confidence investors have in corporate earnings.
The Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, gained 107.17, or 2.49 percent, to close at 4,407.73.
The Shenzhen Composite Index, which covers the smaller stock market on mainland, rose 4.1 percent to 1,293.14.
Shanghai stocks plunged nearly four percent yesterday as investors took profits following steep gains that saw the index hit new highs on consecutive days last week and earlier this week.
Real estate stocks were strong as Vanke, China's biggest listed property developer, jumped 2.87 yuan (38 US cents), or the 10 percent daily limit, to 31.57 yuan.
Chihong Zinc gained 0.98 yuan, or 1.2 percent, to 79.95 yuan. The company said first-half profit rose 84 percent from a year ago to 664.4 million yuan on rising prices of the metal.
Wuhan Iron & Steel Co rose after the steel maker's parent said it will buy control of a rival, and Merrill Lynch & Co upgraded its rating on the stock.
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