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Growing confidence boosts stocks

SHANGHAI'S key stock index gained nearly one percent in morning trade, led by coal producers and property developers on growing market confidence in the economic recovery.

The benchmark Shanghai Composite Index rose 0.99 percent, or 25.51 points, to close at 2,592.85 points.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.37 percent to close at 879.15 points.

Coal producers were strong in the morning session. Datong Coal Industry Co surged 8.77 percent to 34.6 yuan and Shanxi Coking Co soared 6.73 percent to 7.45 yuan. Pingdingshan Tianan Coal Mining Co jumped 6.21 percent to 28.4 yuan and Yanzhou Coal Mining Co advanced 3.97 percent to 15.72 yuan.

Real estate developers extended yesterday's gains. Gemdale Corp rose 5.59 percent to 13.60 yuan and Poly Real Estate Group added 2.56 percent to 20.81 yuan. Shanghai-based Shimao Co hiked 4.84 percent to 13.21 yuan while Shanghai Lujiazui Finance & Trade Zone lifted 2.85 percent to 27.09 yuan.

Elsewhere, Shanghai Pudong Development Bank Co gained 3.9 percent to 24.75 yuan after announcing it had won shareholder approval to raise as much as 30 billion yuan by selling shares and bonds to replenish capital drained by loan growth.

Separately, the lender said 649 million shares, accounting for 11.5 percent of its share capital, would become tradable on May 12 when the lock-up period ends.


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