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Banks and property cheer market

SHANGHAI'S key stock index closed higher on the last day of the week with a strong performance by the banking sector and property developers.

The benchmark Shanghai Composite Index was up 0.11 percent, or 3.17 points, to close at 2,928.21 points. Turnover was 115.3 billion yuan (US$16.9 billion). Gainers outnumbered losers 439 to 372 and 97 remained unchanged. The index added a collective 1.66 percent, or 47.72 points, in the past week.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.06 percent to close at 954.98 points.

China Pacific Insurance (Group) Co Ltd rose 0.51 percent to 21.49 yuan. Ping An Insurance (Group) Co dipped 0.26 percent to 46.92 yuan.

Banks were strong among speculation that new loans in June will be above 1 trillion yuan. Industrial & Commercial Bank of China, the nation's biggest lender, advanced 2.02 percent to 5.55 yuan. Shanghai Pudong Development Bank jumped 3.79 percent to 22.44 yuan. China Construction Bank was up 1.15 percent to close at 6.17 yuan. China Citic Bank rose 0.67 percent to 6.03 yuan.

China Vanke Co, the biggest listed domestic real estate developer, added 1.12 percent to 12.60 yuan. Gemdale Corporation rose 1.81 percent to 15.78 yuan. Poly Real Estate Group hiked 3.15 percent to 29.79 yuan.

Metal producers were among the losers. Aluminum Corporation of China Ltd dropped 1.08 percent to 11.94 yuan. Shandong Gold Mining Co Ltd was down 1.38 percent to 56.39 yuan. Zijin Mining Co dipped 0.10 percent to 9.95 yuan.

Coal producers were strong. China Shenhua Energy Co, the nation's largest coal producer, added 0.80 percent to 27.64 yuan. Pingdingshan Tianan Coal Mining Co advanced 2.04 percent to 27.55 yuan. Hebei Jinniu Energy Resources Co surged 6.53 percent to 37.20 yuan.


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