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3G brings spring boost to markets

SHANGHAI'S key stock index rose for the fifth day today to its highest since last August, led by the communication sector ahead of 3G being introduced in May.

The benchmark Shanghai Composite Index rose 0.35 percent, or 8.88 points, to close at 2,536.06 points, the highest since August 8 when the index ended at 2605.72 points. Turnover rose to 173.4 billion yuan (US$25.5 billion) from 161.9 billion yuan on the previous trading day.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.15 percent to close at 860.37 points.

Shares opened lower on media warnings of possible risks in the overactive trading of blue chips without solid fundamentals. But rallies of nonferrous metal producers and telecommunications pushed up the local index in the afternoon.

Eastern Communication Co jumped by the 10 percent daily cap to 5.38 yuan. Ningbo Bird Co surged 10 percent to 4.51 yuan.

Chengde Xinxin Vanadium & Titanium Co also soared by the 10 percent daily limit to 8.71 yuan while Yunnan Chihong Zinc& Germanium Co climbed 6.42 percent to 19.88 yuan.


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