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Local index ends 8-day losing skid
Aggregated Source: Shanghai Daily: Business

SHANGHAI stocks gained yesterday, led by small-cap firms, to rebound from a six-month low following eight straight losses.

The Shanghai Composite Index added 0.64 percent to 2,162.04. The index ended the week down 2.21 percent, its second consecutive weekly drop.

"The market is in prime territory for a technical rebound in the short term as valuations decreased after the recent selloff," a Hongyuan Securities report said. Data from Bloomberg News showed the Shanghai Composite Index traded at 8.8 times the 12-month estimated earnings yesterday, the lowest level since December 6.

Media firms gained the most. China South Publishing and Media Group Co surged the daily limit of 10 percent to 10.10 yuan (US$1.65) after plunging 5.1 percent on Thursday. Bestv New Media Co rose 3.2 percent to 24.79 yuan.

An annual report by Fidelity Worldwide Investment said media and advertising firms will benefit from increased consumer spending in China due to a growing middle class, accelerated urbanization, and the government's policy to restructure the economy toward domestic consumption.

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