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Index ends week on brighter note

SHANGHAI'S stock index closed higher for the fourth day on the last trading day of the week, lifted by metal producers.

The benchmark Shanghai Composite Index rose 0.58 percent, or 16.59 points, to close at 2,861.61 points. Turnover was 142.2 billion yuan (US$20.8 billion). The number of stocks that gained outnumbered losers by 714 to 127, with 59 remaining unchanged. The index closed 0.03 percent higher than that at the beginning of the week after slumping 6.74 percent on Monday.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.24 percent to close at 968.54 points.

"The index will not post a very strong rebound and is likely to remain between 2,800 and 2,900 in the near future," United Securities wrote in a research note.

Metal producers were strong as gold futures rose 2 percent to US$997.7 an ounce in New York, the first time it has climb above US$990 in six months. Shandong Gold Mining Co rose 7.31 percent to 55.47 yuan. Zijin Mining Co rose 2.50 percent to 9.01 yuan. Zhongjin Gold Co jumped 3.42 percent to 54.10 yuan.

China Vanke Co, the biggest listed domestic real estate developer, said its property sales in August rose 18 percent from a year earlier to reach 4.82 billion yuan, the smallest increase since March. Its stock rose 1.73 percent to 11.17 yuan. Gemdale Corporation was up 1.31 percent to 13.96 yuan. Shanghai Shimao Co Ltd increased 1.55 percent to 14.39 yuan.

China Pacific Insurance (Group) Co Ltd dipped 0.10 percent to 20.99 yuan. Ping An Insurance (Group) Co was up 0.45 percent to 49.19 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, was up 0.21 percent to 4.76 yuan. Shanghai Pudong Development Bank dipped 0.05 percent to 20.22 yuan. China Construction Bank was down 0.17 percent to close at 5.72 yuan. Bank of Communications rose 0.91 percent to 6.83 yuan.

Steel producers were weak. Baoshan Iron and Steel Co, China's biggest steel maker, lost 1.26 percent to 7.03 yuan. Wuhan Steel Processing Co lost 1.49 percent to 7.95 yuan. and Inner Mongolian Baotou Steel Union Co was down 1.61 percent to 4.27 yuan.


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