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Finance, IT shares lift key barometer

SHANGHAI'S key stock index yesterday reversed its loss in the first half of trading riding on a strong performance by financial and technology sectors after the stock watchdog issued rules on the long-awaited growth enterprise market.

The Shanghai Composite Index edged up 0.64 percent to close at 2,373.21.

Up to yesterday, the barometer gained a collective 30.34 percent in the first quarter of this year.

The China Securities Regulatory Commission issued new regulations early yesterday to prepare for the launch of the long-awaited Nasdaq-style board in Shenzhen, Guangdong Province, on May 1, a key step to supporting small and medium start-up firms.

The bourse will also require a candidate firm to be profitable for two straight years with a combined profit of at least 10 million yuan.

Yantai Wanhua Polyurethanes Co Ltd surged by the daily limit of 10 percent to 15.95 yuan.

Beijing CCID Media Investment Co Ltd also jumped 10 percent to 5.04 yuan.

China Life Insurance Co Ltd, the country's largest life insurer, surged 4.22 percent to close at 22.99 yuan.


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