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Index rises to 9-month high with 1.74% gain

SHANGHAI'S key stock index rose to a nine-month high yesterday due to strong performances among coal producers and brokerages.

The benchmark Shanghai Composite Index increased 1.74 percent, or 45.59 points, to 2,663.77, the highest close since August 7, last year. Turnover was 144.8 billion yuan (US$21.2 billion).

"The rich liquidity in the market is likely to remain in the future but we suggest investors be cautious about heavyweights that have gained for quite a long period," according to a research note by Huatai Securities.

Coal producers remained strong. Shanxi Coking Co rose 2.09 percent to 7.34 yuan. Zhengzhou Coal Industry & Electric Power Co was up 1.75 percent to 8.73 yuan. Shanxi Antai Group Co rose 2.61 percent to close at 6.68 yuan.

Haitong Securities surged 5.12 percent to 14.17 yuan. Sinolink Securities added 1.92 percent to 38.29 yuan. Hong Yuan Securities hiked 5.51 percent to 19.92 yuan. Changjiang Securities Co added 6.47 percent to end the day at 16.45 yuan.

China Eastern Airlines Corp, the nation's third-largest carrier by fleet size, said yesterday that it received an extra 2 billion yuan cash injection from the central government after an earlier 7 billion yuan cash injection. Its shares were up 0.74 percent to 5.43 yuan.

Shipping companies showed mixed results. China Shipping Development Co gained 1.34 percent to 13.60 yuan, while Shanghai International Port (Group) Co lost 1.02 percent to 5.83 yuan.


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