China shares end up 0.3 pct, earnings support

SHANGHAI, Oct 28 - China's key stock index ended 0.33 percent higher on Wednesday in shrinking turnover, rebounding from the day's lows with coal and airline shares firmer after strong earnings reports.

The Shanghai Composite Index <.SSEC> closed at 3,031.329 points, rebounding after early weakness that extended the previous day's 2.8 percent fall, the biggest one-day loss in five weeks.

Gaining Shanghai A shares outnumbered losers by 627 to 306, while turnover shrank to 114 billion yuan from Tuesday's 139 billion yuan.

China Shenhua Energy <601088.SS> gained 1 percent to 35.13 yuan after reporting a 12 percent rise in profit. [ID:nHKG254113]

Air China <601111.SS> advanced 1.55 percent to 7.88 yuan, after saying its earnings returned to the black in the third quarter, with a boost from fuel-hedging gains and a strong rebound in domestic air travel. [ID:nSHA270125]

The official China Securities Journal cited the Beijing-based Unirule Institute of Economics as saying that China's economy would grow by 8.2 percent in 2009, while the CPI would fall 0.1 percent for the same period.