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Coal and property boost morning market

SHANGHAI'S key stock index closed higher in the morning session with strong performances by property developers and coal producers.

The benchmark Shanghai Composite Index was up 0.26 percent, or 8.04 points, to close at 3,068.30 points. Turnover was 85.7 billion yuan (US$12.5 billion). Losers outnumbered gainers 426 to 423 and 59 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.51 percent to close at 992.08 points.

China Vanke Co, the biggest listed domestic real estate developer, rose 1.35 percent to 13.53 yuan. Gemdale Corporation added 1.94 percent to 17.34 yuan. Poly Real Estate Group was up 1.28 percent to 29.37 yuan. China Merchants Property Development Co Ltd surged 3.65 percent to 35.19 yuan.

Shanxi Coking Co Ltd added 1.00 percent to 8.12 yuan. Inner Mongolia Pingzhuang Energy Co Ltd advanced 1.48 percent to 13.03 yuan. Zhengzhou Coal Industry & Electric Power Co Ltd rose 1.46 percent to 9.06 yuan.

Banks showed mixed results. Industrial & Commercial Bank of China, the nation's biggest lender, edged up 0.18 percent to 5.51 yuan. Shanghai Pudong Development Bank rose 0.82 percent percent to 24.68 yuan. China Construction Bank was up 0.16 percent to close at 6.37 yuan. Bank of China lost 0.43 percent to 4.64 yuan. China Citic Bank was down 0.66 percent to 6.02 yuan.

Metal producers were among the losers. Aluminum Corporation of China Ltd dropped 1.26 percent to 12.52 yuan. Zijin Mining Co lost 0.90 percent to 10.65 yuan. Jiangxi Copper Co retreated 2.45 percent to 32.65 yuan.

China Pacific Insurance (Group) Co Ltd was down 0.16 percent to 24.91 yuan. Ping An Insurance (Group) Co lost 1.18 percent to 54.33 yuan.


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