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Disneyland boosts market

SHANGHAI'S market closed higher today with the announcement of the Shanghai Disneyland project lifting local firms amid expectation the project will attract more visitors to boost the city's service industry.

The benchmark Shanghai Composite Index edged up 0.46 percent, or 14.31 points, to close at 3,128.54 points. Turnover was 164 billion yuan (US$24 billion). Gainers outnumbered losers 540 to 311, and 61 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, added 0.73 percent to close at 1,112.35 points.

Walt Disney Co said early today it has received Chinese government approval to build a theme park in Shanghai. The project, which is estimated to cost about US$3.5 billion, is expected to be operational in five or six years in the Pudong District.

Shanghai Jinling Co Ltd jumped 3.54 percent to 9.37 yuan amid expectation the project will boost service and entertainment facility providers in the area. SinoTex Investment & Development Co hiked 8.64 percent to 11.19 yuan. Shanghai Belling Corp surged 7.25 percent to 7.40 yuan.

But other property shares retreated from earlier gains as some investors took profit. Shanghai Lujiazui Finance & Trade Zone Development Co fell 1.92 percent to 29.17 yuan. Shanghai Jielong Industry Co was down 1.94 percent at 18.24 yuan.

Metal producers were strong after the gold price jumped above US$1,080 an ounce. Nanjing Yunhai Special Metals Co surged 8.11 percent to 16 yuan. Zijin Mining Co was up 1.5 percent to 9.49 yuan. Zhongjin Gold Mining Co rose 1.78 percent to 59.34 yuan. Yunnan Copper Co jumped 3.76 percent to 32.57 yuan. Jiangxi Copper was up 2.52 percent to 40.71 yuan.

Huadian Power International Corp said it agreed to buy a 35 percent stake in Fucheng Mining for 498 million yuan and a 25 percent stake in Changcheng Mining for 180 million yuan from Xinkuang Inner Mongolia. The stock edged up 0.19 percent to 5.35 yuan.

Changjiang Securities Co said it plans to raise 3.3 billion yuan by offering three shares for every 10 held at 6.5 yuan per share. The stock surged 4.1 percent to 20.81 yuan.

Banking shares were also among the gainers as lending in October was basically in line with previous expectations. Shanghai Pudong Development Bank jumped 2.16 percent to 23.67 yuan. China Merchants Bank edged up 0.53 percent to close at 18.91 yuan. Bank of Communications increased 1.01 percent to 9 yuan.


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