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Key index gets a lift

SHANGHAI' key stock closed higher today lifted by financial shares and heavyweights.

The Shanghai Composite Index was up 1.16 percent, or 31.25 points, to close at 2,714.97 points. Turnover was 88.2 billion yuan (US$13 billion). Gainers outnumbered losers 562 to 274 and 84 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.22 percent to close at 902.50 points.

"A shrinking turnover suggested the market is not stable yet and the index may stay in correction for a few more days," Haitong Securities wrote in a research note.

Shanghai Pudong Development Bank advanced 3.94 percent to 19.27 yuan. China Construction Bank hiked 5.33 percent to close at 5.53 yuan. Bank of Communications rose 3.43 percent to 8.44 yuan. Industrial Bank surged 7.87 percent to 31.24 yuan.

Oil producers were strong after lift of gas and diesel prices were announced last night. PetroChina, the country's largest oil producer and biggest heavyweight in the market, rose 0.93 percent to 12.98 yuan.

China Life Insurance Co Ltd, the country's largest life insurance company, edged up 0.74 percent to 26.37 yuan. China Pacific Insurance (Group) Co Ltd added 2.10 percent to 19.41 yuan. Ping An Insurance Group rose 2.65 percent to 46.11 yuan.

China Vanke Co, the biggest listed domestic real estate developer, added 1.82 percent to 10.07 yuan. Gemdale Corporation rose 2.09 percent to 12.69 yuan.
Poly Real Estate Group advanced 3.67 percent to 22.01 yuan. Shanghai Shimao Co Ltd was up 0.45 percent to 13.40 yuan.


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