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China stocks up 2%, merger report boosts banks

(Agencies)
Updated: 2009-02-23 15:48

China's stock market rose in heavy trade on Monday as shares in smaller banks surged in response to a local media report that China Development Bank might buy all or part of Shenzhen Development Bank.

Related readings:  China Development Bank may buy Shenzhen lender  China considers steps to aid housing market  Chinese shares edge up on stimulus hopes

Real estate shares also outperformed after official media said the government was considering a package of measures to provide long-term support for the residential housing market.

The Shanghai Composite Index spent most of the morning lower but closed the day up 1.96 percent at 2,305.78 points.

Shenzhen Development Bank jumped its 10 percent daily limit to 14.99 yuan after the Economic Observer Online (www.eeo.com.cn) quoted unnamed sources as saying on Sunday that China Development Bank was discussing a takeover of or a major stake purchase in Shenzhen Bank, and that a proposal had been made to the banking regulator.

Spokesmen for the banks declined to comment, and the Shenzhen bank's shares were suspended in the afternoon pending a statement.

But its jump boosted shares in other small and medium-sized banks amid talk that some might eventually also be involved in merger discussions; CITIC Bank rose 3.13 percent to 4.61 yuan. Bank of Ningbo rose 5.15 percent to 9.18 yuan after saying on Friday that 2008 net profit rose 40 percent, though growth slowed sharply in the second half of the year.