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Chinese shares ended 0.97 percent higher on Thursday but came well off their highs because of a heavy round of profit-taking in smaller-capital stocks during the last hour. The benchmark Shanghai composite index finished at 1,941.547 points. It rocketed as high as 1,976.046 points, the highest level since early August 2001.
Turnover in Shanghai A-shares was a heavy 34.8 billion yuan ($4.4 billion), the highest since mid-July and up from 26.6 billion on Wednesday. Industrial and Commercial Bank of China and Bank of China accounted for over 5 billion yuan of turnover.
Despite the slide in small-caps, several traders said strong interest among individual investors and a continued influx of local and foreign funds was likely to keep the rally going in coming days. ICBC jumped 4.11 percent to a record closing level of 3.80 yuan, hitting an intra-day high of 3.93 yuan, a new post-listing peak.
The bank's H-shares closed at HK$4.03, leaving the A-shares at a discount of 6.6 percent, versus 9.7 percent at Wednesday's close. Some analysts have been predicting the discount will narrow to just several percent in coming weeks.
Bank of China soared 6.71 percent to a four-month high of 3.66 yuan, the biggest jump since its domestic listing in early July. Baoshan Iron and Steel Co rose 2.32 percent to 6.18 yuan, off an intra-day high of 6.49 yuan, a 21-month peak.

Copyright Reuters, 2006

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