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China's shanghai stock index up 2.7 percent



14 May 2008 @ 07:31 pm EST

Shanghai Stock Exchange composite Index (SSE) gained 97.2 points, or 2.7 percent, to reach 3,657.4 on Wednesday. Shenzhen Stock Exchange component index gained 29.2 points, or 2.63 percent, to reach 1,139.1 percent.

Analysts said that most of Sichuan and Chongqing listed companies had not affected by the earthquake.

Some experts and officials believe that the earthquake may create the short-term and partial pressure on China's tight price situation, but only have limited impact on economic fundamentals.

A 7.9-magnitude earthquake hit the Sichuan Province in Southwest China Monday afternoon, where the official death toll rose to nearly 15,000. Shanghai and Shenzhen stock markets on Tuesday provisionally suspended 66 listed companies' dealing in Sichuan and Chongqing region, and 34 of them have resumed on Wednesday, the majority of companies announced that their business were not affected by the earthquake.

Risk assessment company AIR Worldwide said that the economic losses caused by the earthquake expected to reach more than 20 billion U.S. dollars.

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