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Property boosts index to close above 3,000

SHANGHAI'S market surged nearly 3 percent to close above 3,000 points on the first trading day in November, lifted by property shares and more investors pulled back their capital from the start-up board.

The benchmark Shanghai Composite Index advanced 2.70 percent, or 80.80 points, to close at 3,076.55 points. Turnover was 154.9 billion yuan (US$22.7 billion). Gainers outnumbered losers 863 to 17, and 32 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 3.01 percent to close at 1,085.65 points.

China's Purchasing Managers Index, a main gauge for the country's manufacturing activities, rose to the highest level in 18 months in October to 55.2, China Federation of Logistic and Purchasing said on Saturday. The index rose from 54.3 in September. It has stayed above 50 for eight straight months, which suggested expansion.

A total of 25 stocks out of the 28 shares traded on the ChiNext startup board suffered losses on the second day of trading more than doubling on Friday, as investors took profit and part of the capital returned to the main board, where trading is more stable and rational.

Twenty shares dropped by the daily limit of 10 percent, among them Huayi Brothers Media Group, which rallied 148 percent on Friday, and Beijing Toread Outdoor Products Co, which jumped 153 percent on Friday.

"We suggest investors remain cautious about trading on the Growth Enterprise Market because it's too volatile," according to Ling Jianfeng, an analyst at Guoyuan Securities.

Shanghai Lujiazui Finance & Trade Zone Development Co rose 8.94 percent to 30.47 yuan on the pending announcement of the Disneyland project in Shanghai. Shanghai Jielong Industry Co jumped the daily limit of 10 percent to 18.57 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co surged 6.55 percent to 18.38 yuan.

Other property developers were also strong. China Vanke Co, the biggest listed domestic real estate developer, jumped 3.65 percent to 11.93 yuan. Gemdale Corporation rose 4.01 percent to 15.81 yuan.

China Merchants Bank Co, the nation's fifth-largest bank by market value, posted declining profit for a fourth straight quarter as loan margins shrank. Third-quarter net income fell 16 percent to 4.82 billion yuan. Its shares surged 5.18 percent to 18.69 yuan.

China Petroleum & Chemical Corp, or Sinopec, Asia's largest oil refiner, is said to be planning with Mitsui Chemicals Inc to spend 60 billion yuan to build two factories in Shanghai to make synthetic materials, Nikkei English News reported. Its shares rose 1.21 percent to 11.73 yuan.

Metal producers were also among the gainers. Yunnan Copper Co rose 2.56 percent to 31.20 yuan. Zijin Mining Co added 1.32 percent to 9.22 yuan. Jiangxi Copper advanced 2.58 percent to 39.32 yuan.

SAIC Motor Corp said its third-quarter surged more than ninefold to 2.53 billion yuan with government stimulus measures increased car sales. The stock rallied 6.29 percent to 24.68 yuan.


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