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Shanghai shares rise led by gold producers

SHANGHAI'S key stock index extended its gain in the morning session, led by gold producers on soaring bullion prices.

The benchmark Shanghai Composite Index added 0.1 percent, or 3.22 points, to close at 3,311.57 points. Turnover stood at 106.6 billion yuan (US$15.7 billion). Gainers outnumbered losers 504 to 363, and 25 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.41 percent to close at 1,213.72 points.

Shandong Gold Mining Co advanced 3.4 percent to 77.1 yuan. Zhongjin Gold Corp, the second biggest by market value, gained 1.8 percent to 61.76 yuan. Zijin Mining Group Co, the country's largest gold producer, increased 1.9 percent to 10.12 yuan.

Gold has been rising for more than 20 percent to a record high of US$1,155 an ounce thanks to a weaker US dollar and inflation expectations.

Coal producers were among the gainers. Datong Coal Industry jumped 1.8 percent to 48.5 yuan. Pingdingshan Tianan Coal Mining Co climbed 0.9 percent to 32.96 yuan. Yanzhou Coal Mining Co inched up 0.05 percent to 21.88 yuan.

Bucking the upward trend, power producers lost because previous gains were excessive. Datang International Power Generation Co, a unit of the second-biggest electricity producer, retreated 1.8 percent to 9.82 yuan. China Yangtze Power Co withdrew 1.1 percent to 13.83 yuan.


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