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Financial stocks push index to increase to a 10-month high

SHANGHAI'S key stock index rose to a 10-month high yesterday as shares in the financial sector rebounded.

The Shanghai Composite Index added 0.71 percent, or 19.55 points, to 2,787.89, the highest since August 1. Turnover was 133.3 billion yuan (US$19.5 billion).

China Construction Bank advanced 2.93 percent to 5.27 yuan, the Bank of China added 1.55 percent to 3.94 yuan and the Bank of Communications edged up 0.25 percent to 7.91 yuan. Shanghai Pudong Development Bank lost 1.71 percent to 21.32 yuan.

"The index is at a rather high level and we think a slight adjustment will be normal in the following days," a note by United Securities said.

China Life Insurance Co Ltd surged 5.75 percent to 26.30 yuan and China Pacific Insurance (Group) Co Ltd rose 4.75 percent to 19.86 yuan.

PetroChina, the nation's largest oil producer and biggest heavyweight in the market, gained 0.71 percent to 14.17 yuan. China Petroleum and Chemical Corp, Asia's largest refiner and also known as Sinopec, dipped 0.30 percent to 10.08 yuan.

Power stocks lost their energy, with Huadian Power International Co Ltd falling 0.21 percent to 4.79 yuan and Huaneng Power International Inc losing 1.18 percent to 7.52 yuan.

Poly Real Estate Group said it transacted 14.7 billion yuan worth of sales in the first five months of this year, a surge of 158 percent from the same period last year. Its shares rose 1.23 percent to 25.60 yuan.

China Vanke Co, the nation's biggest listed property firm, rose 1.97 percent to finish at 11.36 yuan.


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