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Market adds 1%

SHANGHAI'S key stock index added more than 1 percent today, lifted by metal producers after the gold price rose.

The benchmark Shanghai Composite Index rose 1.06 percent, or 34.39 points, to close at 3,269.75 points. Turnover stood at 203.9 billion yuan (US$29.9 billion). Gainers outnumbered losers 672 to 189 and 52 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, added 1.29 percent to close at 1,228.24 points.

Gold rose 1.5 percent to US$1,200.20 an ounce. Zijin Mining Group Co, the country's largest gold producer, increased 5.5 percent to 11.31 yuan. Zhongjin Gold Corp, the second biggest by market value, jumped the daily limit of 10 percent to 66.67 yuan. Shandong Gold Mining Co surged 8.17 percent to 91.88 yuan.

Crude oil rose 1.4 percent to US$78.37 a barrel yesterday, the highest level in nearly two weeks. PetroChina, the largest oil producer and biggest heavyweight in the market, rose 0.52 percent to 13.57 yuan. China Petroleum & Chemical Corp, Asia's largest refiner also known as Sinopec, was up 0.49 percent at 12.24 yuan.

Banks were also among the gainers after Economic Observer reported that Central Huijin may allow China's four biggest banks to use dividend payments to replenish their capital, easing earlier market concern that the lenders may have to raise capital from the market.

Industrial and Commercial Bank of China Ltd added 1.33 percent to close at 5.33 yuan. China Construction Bank Corp was up 0.84 percent at 6.01 yuan and Shanghai Pudong Development Bank rose 0.95 percent to 22.27 yuan.

Energy companies and coal producers were among the gainers on rebounding demand for industrial power. Huadian Power International Co Ltd edged up 0.54 percent to 5.61 yuan. China Shenhua Energy Co rose 0.82 percent to 35.82 yuan. Shanxi Guoyang New Energy Co increased 1.55 percent to 48.48 yuan.


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