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Blue chips bolster benchmark index

SHANGHAI'S key stock index ended higher today, thanks to strong performances by blue chips especially real estate developers and lenders.

The benchmark Shanghai Composite Index rose 1.99 percent, or 54.29 points, to close at 2,778.59 points. Gainers outnumbered losers 539 to 291 while 43 remained unchanged. Turnover shrank slightly to 159.93 billion yuan (US$23.52 billion) from 161.53 billion yuan.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.47 percent to close at 920.82 points.

Property developers led the gains. Gemdale Corp, a Chinese partner of ING Group NV, climbed 6.22 percent to 14.68 yuan. Poly Real Estate Group Co, China's second-largest developer by market value, surged 8.99 percent to 25.34 yuan while Shanghai-based Shimao Property Co gained 2.02 percent to 14.62 yuan.

Gold producers continued gaining. Zijin Mining Group increased 4.18 percent to 10.23 yuan. Zhongjin Gold Corp advanced by the 10 percent daily cap to 93.04 yuan. Shandong Gold Mining Co jumped 9.62 percent to 54.79 yuan.

Lenders also soared. Shanghai Pudong Development Bank Co hiked 10 percent to 28.73 yuan. Bank of China edged up 3.03 percent to 3.74 yuan. Bank of Communications Co added 6.51 percent to 7.69 yuan.


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