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Index sustains momentum to close up nearly 1 percent

SHANGHAI'S key stock index gained nearly one percent today, led by coal producers and property developers on growing market confidence in an economic recovery.

The benchmark Shanghai Composite Index rose 0.98 percent, or 25.18 points, to close at 2,592.52 points.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.87 percent to close at 883.48 points.

Coal producers were strong, led by Datong Coal Industry Co which surged 5.34 percent to 33.51 yuan. Shanxi Coking Co jumped 4.58 percent to 7.30 yuan, Pingdingshan Tianan Coal Mining Co lifted 3.55 percent to 27.69 yuan and Yanzhou Coal Mining Co advanced 1.72 percent to 15.38 yuan.

Real estate developers extended their gains on better sales in the property market. Gemdale Corp rose 3.88 percent to 13.38 yuan and Poly Real Estate Group added 2.32 percent to 20.76 yuan. Shanghai-based Shimao Co hiked 4.05 percent to 13.11 yuan while Shanghai Lujiazui Finance & Trade Zone increased 0.46 percent to 26.46 yuan.

Elsewhere, Shanghai Pudong Development Bank Co gained 2.81 percent to 24.49 yuan after saying it had won shareholder approval to raise as much as 30 billion yuan by selling shares and bonds to replenish capital drained by loan growth.

Separately, the lender said 649 million shares, accounting for 11.5 percent of its share capital, would become tradable on May 12 when the lock-up period ends.


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