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Brokers, drug firms boost key barometer

SHANGHAI stocks rose to a nearly 11-month high yesterday, with brokerages and pharmaceutical companies helping to lift the market.

The benchmark Shanghai Composite Index added 0.93 percent, or 26.59 points, to 2,880.49, its highest close since July 28. Turnover was 151.3 billion yuan (US$22.1 billion). The index gained a collective 4.98 percent, or 136.73 points, in the past five days.

"The index will remain on an upward trend and turnover will also climb despite a period of adjustment in the near future," Chen Jian, an analyst at United Securities, wrote in a research report.

Shares of financial firms and banks rose after it was officially announced that initial public offerings would resume. Guilin Sanjin Pharmaceutical Co will be the first company to launch an IPO after a nine-month hiatus. It said it will raise about 600 million yuan by selling 46 million A shares.

Shanghai No. 1 Pharmacy Co advanced 4.56 percent to 8.49 yuan, Zhuzhou Qianjin Pharmaceutical Co jumped 4.58 percent to 17.14 yuan, and Sichuan Dikang Science and Technology Pharmaceutical Industry Co surged by the daily limit of 10 percent to 9.08 yuan.

Haitong Securities rose 1.84 percent to 17.14 yuan. Sinolink Securities surged by the daily limit of 10 percent to 21.46 yuan. Hongyuan Securities added 3.83 percent to 21.16 yuan, and Changjiang Securities climbed 3.56 percent to 18.05 yuan.

The Industrial and Commercial Bank of China, the nation's biggest lender, rose 2.37 percent to 5.19 yuan.


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