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Insurers and developers lead gainers in Shanghai market
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Shanghai stocks rose in morning trading, adding 0.77 percent to end at 2,223.39 points. Blue chips recovered, leading the whole market.
Aimed at reducing financial pressures faced by companies, the central government yesterday issued plans to strengthen the financial sector. The insurance companies are set to take more responsibilities in boosting the economy, according to the plan.
China Life Insurance gained 1.60 percent to 15.27 yuan (US$2.4), while New China Life Insurance rose 1.60 percent to 24.79 yuan.
Media reports said that many local governments are currently loosening restrictions on property mortgage. The real estate sector saw shares rising.
Shanghai Wanye Enterprises increased 3.95 percent to 4.47 yuan, while Poly Real Estate gained 1.75 percent to 5.80 yuan.
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