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Good medicine for the market

SHANGHAI'S key stock index closed higher today with strong performances by pharmaceutical companies and the banking sector.

The benchmark Shanghai Composite Index added 0.52 percent, or 14.45 points, to close at 2,768.34 points. Turnover was 139 billion yuan (US$20.3 billion). Losers outnumbered gainers 462 to 385 and 61 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.35 percent to close at 914.01 points.

Banks continued to climb. Industrial & Commercial Bank of China, the nation's biggest lender, advanced 3.80 percent to 4.64 yuan. Bank of China surged 5.15 percent to 3.88 yuan. China Construction Bank hiked 5.79 percent to 5.12 yuan. China Merchants Bank Co jumped 3.18 percent to 19.81 yuan.

Real estate developers were also among the gainers. China Vanke Co, the nations' largest listed property developer, said its revenue increased 20.9 percent in May to reach 23.8 billion yuan. Its shares rose 4.70 percent to 11.14 yuan. Poly Real Estate Group added 3.01 percent to 25.29 yuan. Gemdale Corporation edged up 0.21 percent to 14.43 yuan.

Bio-pharmaceutical companies were strong after the State Council approved guidelines to encourage the development of China's biological science industry, making it one of the country's pillar industries. Mayinglong Pharmaceutical Group surged the daily limit of 10 percent to 41.07 yuan. Zhejiang Medicine Co Ltd added 4.11 percent to 23.58 yuan. Shanghai Zhong Xi Pharmaceutical Co Ltd advanced 4.23 percent to 11.58 yuan.

Coal producers were among the losers. Hebei Jinniu Energy Resources Co Ltd dropped 4.19 percent to 34.10 yuan. Shanxi Xishan Coal and Electricity Power buckled 3.90 percent to 27.34 yuan. Pingdingshan Tianan Coal Mining Co was down 3.30 percent to 34.63 yuan.

Oil producers were also weak. PetroChina, the biggest index component, dipped 0.50 percent to 14.02 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, lost 0.98 percent to 10.11 yuan.


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