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Market cheered for fifth day in a row

SHANGHAI'S key stock index reversed an earlier loss and ended the week with its fifth straight rise.

The benchmark Shanghai Composite Index added 0.68 percent, or 15.33 points, to close at 2,281.09 points. Turnover rose to 133.6 billion yuan (US$19.65 billion) from 101.35 billion yuan on the previous trading day. Losers outnumbered gainers 567 to 294 and 14 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, lowered 0.02 percent to close at 752.35 points.

Oil producers were among the gainers. PetroChina, the biggest index component, advanced 4.8 percent to 11.57 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, added 2.33 percent to 8.77 yuan.

Zijin Mining Group Co, China's largest gold producer, hiked by 10 percent daily cap to 9.93 yuan.

Shanghai Lujiazui Finance & Trade Zone Development Co, the developer of Shanghai's financial district, edged up 0.99 percent to 22.45 yuan. The company said it plans to pay as much as 1.76 billion yuan for a 33-floor office building in the city together with one of its units.

Lenders showed mixed performances in today's trading. Shenzhen Development Bank Co, the lender controlled by buyout firm TPG Inc, said its 2008 profit tumbled 77 percent to 614 million yuan. Its shares dropped 2.91 percent to 15.33 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, was up 0.27 percent to 3.78 yuan. Shanghai Pudong Development Bank lowered 1.98 percent to 19.31 yuan. China Construction Bank decreased 10.71 percent to 4.21 yuan.

Among decliners, Poly Real Estate, China's second-largest developer by market value, slid 4.43 percent to 21.59 yuan after shareholders sold a 5 percent stake.

ZTE Corp, China's second-biggest phone-equipment maker posted a 39 percent increase in full-year profit to 1.66 billion yuan (US$243 million) after it won more orders for handsets and communications networks. The stock however lost 0.42 percent to 35.3 yuan.


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