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Finance sector cheers morning market

SHANGHAI'S key stock index ended higher in the morning trade with strong performances by finance shares.

The benchmark Shanghai Composite Index was up 0.34 percent, or 9.72 points, to close at 2,863.62 points at 11:30am. Turnover was 79.1 billion yuan (US$11.6 billion). Losers outnumbered gainers 489 to 345 and 73 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, remained unchanged at 940.86 points.

Financial shares and banks were strong with the resumption of initial public offerings officially announced. Guilin Sanjin Pharmaceutical Co will become the first company to launch an IPO after a nine-month hiatus and it will raise about 600 million yuan by selling 46 million A shares.

Industrial & Commercial Bank of China, the nation's biggest lender, edged up 0.79 percent to 5.11 yuan. Shanghai Pudong Development Bank rose 1.96 percent to 21.81 yuan. China Construction Bank was up 0.34 percent to close at 5.89 yuan and Bank of Communications added 1.02 percent to 8.90 yuan.

Sinolink Securities surged the daily limit of 10 percent to 21.46 yuan. Haitong Securities advanced 3.92 percent to 17.49 yuan.

Property developers also lifted the index. China Vanke Co, the biggest listed domestic real estate developer, was up 0.25 percent to 11.95 yuan. Gemdale Corporation added 1.34 percent to 15.08 yuan. China Merchants Property Development Co Ltd rose 0.50 percent to 29.96 yuan.

Steel producers were among the losers. Guangzhou Iron and Steel Co Ltd was down 1.57 percent to 5.02 yuan. Xinjiang Bayi Iron & Steel Co dipped 0.09 percent to 10.64 yuan. Wuhan Steel Processing Co Ltd dropped 1.13 percent to 7.84 yuan. Baoshan Iron and Steel Co, China's biggest steel maker, lost 1.06 percent to 6.56 yuan.


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