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Dose of medicine perks up barometer

SHANGHAI'S key stock index closed slightly higher on the last trading day of the week, led by strong performance of bio-pharmaceutical companies.

The Shanghai Composite Index edged up 0.2 percent, or 5.38 points, to close at 2,645.26 yesterday. Turnover was 106.6 billion yuan (US$15.6 billion).

The barometer has added 0.75 percent, or 19.62 points, in the past five days.

Bio-pharmaceutical companies were strong as the State Council, China's Cabinet, has approved a guideline to support the industry. Shanghai Kehua Bio-engineering Co surged by the daily limit of 10 percent to 19.14 yuan. S&P Pharmaceutical Co and Hangzhou Tianmushan Pharmaceutical Enterprise also jumped 10 percent, with S&P Pharmaceutical ending at 16.47 yuan and Hangzhou Tianmushan closing at 9.42 yuan.

"The index is likely to keep adjusting in the near future as the continuing surge of new loans raised fears of inflation but we think heavyweights will stabilize the market and investors don't need to be too worried," said a research note by Shenyin and Wanguo Securities.

PetroChina, the biggest component in the index, added 0.46 percent to end at 13.17 yuan. China Petroleum and Chemical Corp, Asia's largest refiner and also known as Sinopec, dipped 0.09 percent to 10.59 yuan.

Shanghai Pudong Development Bank rose 1.29 percent to 25.14 yuan, while China Merchants Bank Co dipped 0.35 percent to 17.17 yuan.


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