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Local stock index hits 10-month high

SHANGHAI'S key stock index rose to a 10-month high yesterday, thanks to strong performances of blue chips including real estate developers.

The benchmark Shanghai Composite Index rose 1.99 percent, or 54.29 points, to close at 2,778.59 points, the highest since August 1. Turnover shrank slightly to 159.93 billion yuan (US$23.52 billion) from 161.53 billion yuan the day before.

"Heavyweights led the gains and sustained the market's upward trend. Other sectors were also actively traded," said Wu Ling, an analyst from S&E Securities Brokerage Co. "It reflected investors' cautious optimism about economic prospects."

Property developers led the gains. Gemdale Corp, a Chinese partner of ING Group NV, climbed 6.22 percent to 14.68 yuan. Poly Real Estate Group Co, China's second-largest developer by market value, surged 8.99 percent to 25.34 yuan while Shanghai-based Shimao Property Co gained 2.02 percent to 14.62 yuan.

Gold producers continued the gaining streak. Zijin Mining Group increased 4.18 percent to 10.23 yuan. Zhongjin Gold Corp advanced the 10 percent daily cap to 93.04 yuan. Shandong Gold Mining Co jumped 9.62 percent to 54.79 yuan.

Lenders also soared. Shanghai Pudong Development Bank Co jumped 10 percent to 28.73 yuan. Bank of China edged up 3.03 percent to 3.74 yuan. Bank of Communications Co added 6.51 percent to 7.69 yuan.

Bucking the upward trend, SAIC Motor Corp dipped 0.26 percent to 15.08 yuan. Dongfeng Automobile Co was down 0.2 percent to 4.87 yuan. Beiqi Foton Motor Co retreated 2.83 percent to 13.04 yuan.


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