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Investors cautious but market still rising

SHANGHAI'S key stock index closed slightly higher yesterday, led by gold and metal producers, with investors seeming cautious after the index reached a 10-month high.

The benchmark Shanghai Composite Index rose 0.11 percent, or 3.02 points, to close at 2,724.30 points. Turnover rose to 161.53 billion yuan (US$23.75 billion) from 156.58 billion yuan on the previous trading day.

Shares opened higher in the morning but the gains narrowed amid profit taking.

"The market lacks strong upward momentum due to a slight drop in manufacturing growth, as well as expectations of a further slip in new loans last month," said Wang Fan, an analyst from Donghai Securities Co.

"Investors have tended to take profits as the index has hit new highs," said Chen Wei, an analyst from United Securities Co. "The rally could not be sustained despite strong performances by several heavyweights."

Zijin Mining Group jumped 5.2 percent to 9.92 yuan. Shandong Gold Mining Co increased 2.1 percent to 49.98 yuan. Minmetals Development Co advanced 2.65 percent to 17.84 yuan. Jiangxi Copper Co added 0.16 percent to 31.14 yuan.

Property developer Gemdale Corp climbed 4.86 percent to 13.82 yuan. Poly Real Estate Group Co surged 2.88 percent to 23.25 yuan.

Weak performance by lenders bucked the upward trend. Shanghai Pudong Development Bank Co retreated 1.25 percent to 26.12 yuan. Bank of China withdrew 1.09 percent to 3.63 yuan. Bank of Communications Co inched down 0.96 percent to 7.22 yuan.


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