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Market buoyed for last day's trading

By Ding Yining | May 27, 2009, Wednesday | Online Edition

SHANGHAI'S key stock index added nearly 2 percent in the last trading day of the month with strong performances by the banking sector and oil producers.

The benchmark Shanghai Composite Index climbed 1.71 percent, or 44.36 points, to close at 2,632.93 points. Gainers outnumbered losers 424 to 417 while 67 remained unchanged. Turnover was 103.2 billion yuan (US$15.1 billion).

The index has added 1.36 percent in the past week and a total of 6.27 percent in the previous month.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.51 percent to close at 881.77 points.

China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, rose 2.37 percent to 10.38 yuan. PetroChina, the biggest index component, hiked 4.35 percent to 13.66 yuan.

Bank of Communications advanced 4.77 percent to 7.03 yuan. China Construction Bank rose 2.69 percent to 4.58 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, was up 2.60 percent to 4.34 yuan.

Sinolink Securities added 1.14 percent to 37.26 yuan and Haitong Securities was up 0.78 percent to 14.15 yuan.

China Life Insurance Co Ltd, the country's largest life insurance company, climbed 1.19 percent to 22.98 yuan. China Pacific Insurance (Group) Co Ltd added 1.12 percent to 17.15 yuan. Ping An Insurance (Group) Co advanced 2.94 percent to 39.61 yuan.

Shipping Companies rose after the Baltic Dry Index gained 5.6 percent yesterday. The index tracking transport costs on international trade has advanced almost fourfold since the start of the year, recovering from last year's 92 percent collapse.

China Shipping Development Co Ltd hiked 3.04 percent to 13.20 yuan. China Cosco Holdings Co Ltd surged 4.60 percent to 12.74 yuan. China Shipping Container Lines Co Ltd rose 1.99 percent to 4.11 yuan.
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