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Index rises after small mines close

SHANGHAI'S key stock index today rose for a sixth day, led by coal producers on expectations that closing smaller mines will boost the earnings of large producers.

The benchmark Shanghai Composite Index added 1.71 percent, or 49.36 points, to close at 2,930.47 points after touching a high of 2,831.85 points. Turnover rose slightly to 148.63 billion yuan (US$21.58 billion) from 146.74 billion yuan. Gainers outnumbered losers 742 to 107 and 19 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 2.08 percent to close at 999.77 points.

The government closed 157 mines in Henan Province after an explosion at a coal mine killed 35 people and trapped another 44, the official Xinhua News Agency reported.

China Shenhua Energy Co, the nation's biggest coal producer, climbed 3.85 percent to 32.62 yuan. Datong Coal Industry Co soared 6.59 percent to 36.39 yuan, and Pingdingshan Tianan Coal Mining Co advanced 6.02 percent to 29.786 yuan.

The index is still down 17 percent from this year's peak on August 4 on concern that banks will rein in lending to avert asset price bubbles.


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