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Key stock index passes key barrier

SHANGHAI'S key stock index rose over 3 percent and passed the 2,700 barrier today, the biggest daily gain in three months, after surrounding markets accumulated gains during the four-day Dragon-Boat holiday break when the local bourse was closed.

The benchmark Shanghai Composite Index jumped 3.36 percent, or 88.35 points, to close at 2,721.28 points. Gainers outnumbered losers 762 to 90 while 9 remained unchanged. Turnover stood at 156.58 billion yuan (US$23.03 billion).

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 2.17 percent to close at 900.93 points.

Oil refiners surged after oil prices climbed over US$60. PetroChina, China's largest oil producer and the biggest component index, soared 4.89 percent to 14.17 yuan. Sinopec, Asia's largest oil refiner added 1.06 percent to 10.49 yuan.

Property developers gained after the State Council announced favorable policies in fixed assets investment. Gemdale Corp, a Chinese partner of ING Group NV, advanced by the 10 percent daily cap to 17.24 yuan. Poly Real Estate Group Co, China's second-largest developer by market value, jumped 5.71 percent to 22.6 yuan and the Shanghai-based Shimao Property Co hiked 6.86 percent to 14.49 yuan.

Coal producers were strong. China Shenhua Energy Co, Asia's largest coal producer, expanded 6.64 percent to 27 yuan. Datong Coal industry Co, China's second-largest coal company by capacity, increased by 10 percent to 36.77 yuan. Pindingshan Tian'an Coal Mining Co gained 9.92 percent to 35.01 yuan.


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