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Fifth straight day of gains

SHANGHAI'S key stock index reversed earlier losses yesterday, adding to the biggest weekly gain in six weeks, after a strong performance by metal producers.

The benchmark Shanghai Composite Index rose for a fifth straight day to close 0.68 percent higher at 2,281.09. Turnover rose to 133.6 billion yuan (US$19.65 billion) from 101.35 billion yuan the previous trading day. Losers outnumbered gainers 567 to 294, and 14 remained unchanged.

The gauge rose 7.15 percent this week, the best since the week ending February 6.

"The index fluctuated on the last trading day of the week but the week's rises would not reverse in the near future," said a research note by Jiangnan Securities.

Oil producers were among the gainers. PetroChina rose 4.8 percent to 11.57 yuan, while China Petroleum & Chemical Corp added 2.33 percent to 8.77 yuan.

Zijin Mining Group Co, China's largest gold producer, rose by the 10 percent daily cap to 9.93 yuan. Jiangxi Copper Co also surged the daily limit to 22.33 yuan, as did Zhongjin Gold Co Ltd, to close at 57.38.

Shanghai Lujiazui Finance & Trade Zone Development Co, the developer of Shanghai's financial district, edged up 0.99 percent to 22.45 yuan. The company said it plans, along with one of its divisions, to pay as much as 1.76 billion yuan for a 33-story office building in the city.

Lenders had a mixed day. Shenzhen Development Bank Co shares fell 2.91 percent to 15.33 yuan. The Industrial and Commercial Bank of China was up 0.27 percent to 3.78 yuan. Shanghai Pudong Development Bank fell 1.98 percent to 19.31 yuan.


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