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Index closes at 13-month high

SHANGHAI'S key stock index rose to a 13-month closing high yesterday, led by shipping lines and metal producers on higher commodity prices.

The index climbed 1.38 percent, or 43.39 points, to close at 3,188.55. Turnover rose to 217.65 billion yuan (US$32 billion) from 178.3 billion yuan.

"Economic growth is still not solidly founded. Keeping a stable and relatively fast growth is still the priority at this crucial time. The easy monetary policy is expected to continue and shore up the market," Everbright Securities Co wrote in a research note.

Shipping companies rose on increased demand for iron ore transportation. China COSCO Holdings Co, the world's largest operator of dry-bulk ships, surged by the 10 percent daily cap to 16.08 yuan. COSCO Shipping Co also rose 10 percent to 12.32 yuan. China Shipping Container Lines Co rose 6.83 percent to 4.85 yuan.

Steel producers gained on speculation that higher steel prices will bolster earnings. Baoshan Iron & Steel Co, the nation's biggest steel maker, added 1.46 percent to 8.36 yuan. Anyang Iron & Steel Inc rose 2.74 percent to 5.63 yuan. Wuhan Iron and Steel Co was up 2.12 percent to 9.63 yuan. Handan Iron & Steel Co rose 1.54 percent to 6.6 yuan.

Auto makers were among the gainers after the Ministry of Commerce said subsidies to replace old cars and home appliances were expected to generate consumption worth 50 million yuan.

Shenyang Jinbei Automotive Co climbed 4.08 percent to 4.59 yuan. Dongfeng Automobile Co was up 4.05 percent to 5.39 yuan. Beiqi Foton Motor Co rose 4.07 percent to 15.59 yuan. SAIC Motor Corp added 3.11 percent to 19.55 yuan.

"The barometer will keep the momentum moving upward but it is faced with technical resistance between 3,200 points to 3,300 points," Jiangnan Securities Co said.


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