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Heavyweight support boosts morning market

SHANGHAI'S key stock index ended higher in the morning to sit above 2,900 points with the support of steel makers and heavyweights.

The benchmark Shanghai Composite Index was up 0.56 percent, or 16.16 points, to close at 2,908.86 points. Turnover was 73.6 billion yuan (US$10.8 billion). Gainers outnumbered losers 603 to 242 and 63 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.27 percent to close at 948.62 points.

Steel companies and coal producers were strong. Nanjing Iron and Steel Co hiked 6.64 percent to 5.78 yuan. Baoshan Iron and Steel Co, China's biggest steel maker, rose 3.00 percent to 7.20 yuan. Beijing Shougang Co Ltd advanced 4.45 percent to 6.34 yuan. China Shenhua Energy Co ltd rose 1.81 percent to 27.05 yuan. China Coal Energy Co Ltd increased 2.90 percent to 12.06 yuan.

China Vanke Co, the biggest listed domestic real estate developer, added 1.46 percent to 12.53 yuan. Gemdale Corporation was up 0.86 percent to 15.22 yuan. China Merchants Property Development Co Ltd rose 1.26 percent to 28.99 yuan.

Banks were among the losers with speculation that the China Banking Regulatory Commission would raise the reserve ratio. Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.74 percent to 5.38 yuan. Shanghai Pudong Development Bank was down 1.16 percent to 22.19 yuan. China Construction Bank lost 1.14 percent to close at 6.09 yuan and Bank of Communications retreated 2.53 percent to 8.85 yuan.

China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, was up 0.68 percent to 10.38 yuan. PetroChina, the largest oil producer and biggest heavyweight in the market, edged up 0.50 percent to 13.95 yuan.

Sinolink Securities dipped 0.67 percent to 22.16 yuan. Haitong Securities edged up 0.12 percent to 16.23 yuan. Ping An Insurance Group Co was down 0.31 percent to 45.71 yuan and China Life Insurance Co Ltd, the country's largest life insurance company, lost 0.22 percent to 26.82 yuan.


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