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A-Shares Up, ChiNext Leaps Out of the Gate
The Shanghai Composite Index increased 1.2% to close at 2,995.85, while the Shenzhen Composite Index grew 0.96% to close at 1,053.97 on October 30. Trading volume on the Shanghai and Shenzhen Stock Exchanges reached RMB 117.4 billion and RMB 99.6373.5 billion, respectively.
Media and entertainment industry shares were driven higher on Friday by Huayi Brothers' (300027.SZ) strong performance on the first day of trading of the Shenzhen Stock Exchange ChiNext board, reports stockstar.com. Shares of Huayi Brothers rose 147.76% above their issuing price to close at RMB 70.81 on Friday.
Shares of Beijing Gehua CATV Network (600037.SH) soared 10.01% after the company reported third quarter earnings on October 30. Shaanxi Broadcast & TV Network Intermediary (600831.SH) and Chengdu B-ray Media (600880.SH) increased 4.01% and 3.64%, respectively.
Metallurgical Corporation of China (601618.SH) announced October 30 that it booked net profit of RMB 1.37 billion in the third quarter of 2009, while net profit and revenue in the first nine months were RMB 3.45 billion and RMB 119.83 billion, respectively. The company's shares grew 0.9% on Friday.
Domestic retail sales are expected to grow by around 16% in 2010, as the government focuses on expanding domestic demand, reports China Securities Journal citing Ministry of Commerce official Wang Bin on October 28.
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