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Bull market stays buoyant

SHANGHAI'S key stock index extended rises for a fourth day today, passing the 3,100 barrier amid optimism for a sustainable bull market

The benchmark Shanghai Composite Index was up 1.18 percent, or 36.3 points, to close at 3,124.67 points. Turnover swelled to 203.9 billion yuan (US$29.99 billion) from 177.44 billion yuan on the previous trading day. Gainers outnumbered losers 426 to 423 and 17 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.99 percent to close at 1,010.59 points.

Steel producers led the gainers. Baoshan Iron & Steel Co, the country's largest steelmaker, gained 8.36 percent to 7.91 yuan. Wuhan Iron & Steel Co advanced 8.05 percent to 8.59 yuan and Angang Steel Co, China's second-biggest steel maker, added 4.25 percent to 14.72 yuan. Handan Iron & Steel Co surged 6.85 percent to 5.93 yuan.

Brokerages were strong on speculation that the resumption of initial share sales will boost earnings. CITIC Securities Co soared 6.83 percent to 31.61 yuan. Sinolink Securities Co jumped 4.45 percent to 25.33 yuan. Haitong Securities Co increased 4.58 percent to 18.26 yuan. Pacific Securities Co expanded 2.71 percent to 19.3 yuan.

Property developers had mixed performances. China Vanke Co rose 1.19 percent to 14.49 yuan after saying turnover in the first half was up 25.7 percent to 30.76 billion yuan.

Gemdale Corp, a Chinese partner of ING Group NV, inched down 0.65 percent to 18.29 yuan and Shanghai Lujiazui Finance & Trade Zone tumbled 3.89 percent to 26.18 yuan. Poly Real Estate Group Co, China's second-largest developer by market value, plunged 2.39 percent to 29.78 yuan. Shanghai-based Shimao Property Co was up 1.99 percent to 18.49 yuan.


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