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Stocks up 5% in response to huge stimulus package

(Xinhua)
Updated: 2008-11-10 13:49

Chinese stocks closed almost 5 percent higher in Monday's morning trade, as investor sentiment got a boost from the 4 trillion yuan ($586 billion) economic stimulus package unveiled on Sunday.

The benchmark Shanghai Composite Index, which covers both A and B shares, jumped 87.06 points, or 4.98 percent, to 1,834.77. It rallied as much as 6.6 percent in the morning.

The number of gainers in the Shanghai Stock Exchange was 873 and that of losers was only 4.

Despite the rally, the index was still 70 percent lower from its record high in mid October last year. Investor confidence had been weak on rising worries of a slowing economy and grim corporate outlook.

China said on Sunday it will loosen credit conditions, cut taxes and embark on a massive infrastructure spending program in a wide-ranging effort to offset adverse global economic conditions by boosting domestic demand.

A stimulus package estimated at 4 trillion yuan will be spent over the next two years to finance programs in 10 major areas, such as low-income housing, rural infrastructure, water, electricity, transportation, the environment, technological innovation and rebuilding from several disasters, most notably the May 12 earthquake.