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Heavyweights help stocks rebound

SHANGHAI'S key stock index edged up to close above 2,600 points with a rebound of heavyweights in the second half of trading.

The benchmark Shanghai Composite Index edged up 0.48 percent, or 12.41 points to close at 2,610.01 points. Losers outnumbered gainers 485 to 355 while 68 remained unchanged. Turnover was 112.7 billion yuan (US$16.5 billion).

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.53 percent to close at 881.20 points.

PetroChina said yesterday it has signed an agreement to buy a 45.51-percent stake in Singapore Petroleum Co for US$1.02 billion in cash. The largest index component added 1.87 percent to 13.10 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, was up 0.59 percent to 10.30 yuan.

Banks showed mixed results. Shanghai Pudong Development Bank edged up 0.32 percent to 24.88 yuan. China Merchants Bank Co, the nation's fifth-largest bank by market value, was down 0.30 percent to 16.60 yuan. Bank of Communications retreated 1.42 percent to 6.95 yuan.

Real estate developers were among the gainers. China Vanke Co, the largest listed domestic property developer, advanced 3.21 percent to 9.96 yuan. China Merchants Property Development Co Ltd rose 2.26 percent to 28.53 yuan.

Brokerages were also strong as the updated IPO rules are expected to boost revenues of issuing companies. Haitong Securities hiked 6.31 percent to 14.33 yuan. Sinolink Securities rose 4.02 percent to 37.53 yuan.


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