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Shanghai shares rebound on strong earnings reports

SHANGHAI'S key stock index rebounded from a two-month low in the morning trade and closed above 2,800 points as strong financial performance of listed companies in the first half lifted market confidence.

The benchmark Shanghai Composite Index added 2.10 percent, or 58.47 points, to close at 2,844.05 points. Turnover was 60.5 billion yuan(US$8.9 billion). Gainers outnumbered losers 692 to 166 and 52 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.02 percent to close at 930.69 points.

Haitong Securities, the country's second-biggest listed brokerage, said profit in the first half rose 22 percent as equities hiked over the period. The stock added 2.71 percent to 14.41 yuan.

ZTE Corp said its first half profit rose 41 percent as it gained orders from Chinese telecommunication operators for high-speed mobile phone networks. Its shares advanced 1.91 percent to 33.53 yuan.

Banks were among the gainers after Shanghai Securities News today cited an unnamed source saying that China may issue 500 billion yuan of new loans in August, more than 356 billion yuan worth of credit extended in July.

Industrial & Commercial Bank of China, the nation's biggest lender, rose 1.30 percent to 4.66 yuan. Shanghai Pudong Development Bank added 1.50 percent to 21.66 yuan. China Construction Bank was up 1.46 percent at 5.57 yuan. Bank of Communications was grew 1.14 percent to 8.90 yuan.

Crude oil for September delivery rose 4.7 percent to US$72.4 per barrel at New York yesterday. PetroChina, the country's largest oil producer and biggest heavyweight in the market, advanced 3.77 percent to 13.48 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, rose 1.98 percent to 12.88 yuan.

China Shipping Development Co, the unit of China's second-biggest sea-cargo group, said its first half profit tumbled 81 percent with falling demand in cargo transportation. Its shares almost remained unchanged at 13.30 yuan.

Coal producers were also strong. Pingdingshan Tianan Coal Mining Co surged 9.20 percent to 28.96 yuan. Datong Coal Industry Co advanced 5.97 percent to 38.50 yuan. China Coal Energy Co Ltd jumped 5.12 percent to 12.12 yuan.


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