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Shanghai index closes higher at 3,155

SHANGHAI'S market closed higher for the fifth trading day today after the World Bank upgraded the forecast for China's GDP growth in 2009 to 8.4 percent.

The benchmark Shanghai Composite Index rose 0.85 percent, or 26.52 points, to close at 3,155.05 points. Turnover was 155.3 billion yuan (US$22.7 billion). Losers outnumbered gainers 627 to 219, and 66 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.44 percent to close at 1,117.23 points.

The World Bank said in a report yesterday that "China is on track to meet the target of 8-percent growth this year."

Petro China jumped 1.32 percent to 13.77 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, advanced 1.66 percent to 12.22 yuan.

Zhejiang Hisun Pharmaceutical Co said it has signed a five-year contract with Intervet Inc to produce a veterinary drug which it estimates could generate US$20 million sales each year. The shares surged the daily limit of 10 percent to 23.94 yuan.

Zhongjin Gold Corp said it had won a bid for three mining units owned by its parent group. The company will pay 745 million yuan for complete control of two units and 60 percent stake in a third. Its shares edged up 0.22 percent to 59.47 yuan.

Banking shares and property developers were flat after National Business Daily quoted Wang Juelin, director of the research center at the Ministry of Housing and Urban-Rural Development, saying that stimulus measures including cheaper interest rates and deed tax exemptions might come to an end as the country's economic situation is recovering.

Shanghai Pudong Development Bank was down 0.51 percent to 23.55 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, added 1.35 percent to 5.27 yuan. China Merchants Bank dipped 0.48 percent to close at 18.82 yuan. Bank of Communications was down 0.22 percent to 8.98 yuan.

Shanghai Lujiazui Finance & Trade Zone Development Co was down 0.62 percent to 28.99 yuan. China Vanke Co, the biggest listed domestic real estate developer, was up 0.17 percent to 11.77 yuan. Poly Real Estate Group dipped 0.27 percent to 26.14 yuan.

Metal producers retreated from yesterday's gains. Yunnan Copper Co lost 1.30 percent to 31.78 yuan. Jiangxi Copper dipped 1.46 percent to 39.71 yuan. Shandong Gold Mining Co decreased 0.76 percent to 69.26 yuan.


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