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Index closes higher on development plans

SHANGHAI'S key stock index closed higher today boosted by the government's new development plans along the coast facing the Taiwan Strait.

The benchmark Shanghai Composite Index rose 0.29 percent, or 7.43 points, to close at 2,567.34 points, after reaching an intraday high of 2,590.78 points.

Gainers outnumbered losers 585 to 264 while 21 remained unchanged. Turnover continued to rise to 151.48 billion yuan (US$22.28 billion) from 146.56 billion yuan on the previous trading day.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.89 percent to close at 867.23 points.

Shares opened higher following gains in the overseas market but closed lower at the morning break on profit taking. The index picked up in the afternoon on the government's plan to further develop south-eastern China such as Fujian Province.

South-eastern China-based shares soared after the State Council decided to take more forceful measures to accelerate economic development on the western coast facing the Taiwan Straits.

Fujian Cement Inc jumped by 10 percent daily limit to 8.04 yuan. Xiamen XGMA Machinery Co advanced 5.03 percent to 7.72 yuan. Xiamen International Airport Co surged 4.98 percent to 17.50 yuan.

Property developers gained on better than expected financial figures in the real estate market with the biggest listed property developer China Vanke Co gaining 2.73 percent to 9.04 yuan.

Poly Real Estate Group Co added 1.5 percent to 20.29 yuan after saying sales in the first four months more than doubled from a year ago. China Merchants Property Development Co surged 5.37 percent to 27.88 yuan and Gemdale Corp crept up up 0.47 percent to 12.88 yuan.

Auto makers were upbeat on better sales performance in April. Shenyang Jinbei Automotive Co hiked 3.52 percent to 3.82 yuan, SAIC Motor Corp expanded 2.88 percent to 12.88 yuan and Dongfeng Automotive Co increased 1.83 percent to 4.46 yuan.

However, heavyweight blue chips were sluggish and restricted the local index's rebound. China Petroleum & Chemical Corp sank 0.4 pecent to 10.07 yuan, China Shenhua Energy Co declined 0.71 percent to 26.50 yuan and China Life Insurance Co dropped 1.43 percent to 24.09 yuan.

Banks showed mixed performance after some experts predicted new loans in April would exceed 600 billion yuan and there would be no sharp falls in May and June.

China Merchants Bank Co climbed 1.7 percent to 16.16 yuan and Industrial Bank Co jumped 2.64 percent to 25.62 yuan. Bank of China eased 0.28 percent to 3.55 yuan and Bank of Communications retreated 0.43 percent to 6.93 yuan.


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