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Market closes higher

SHANGHAI'S key stock index ended higher today, led by property developers amid expectations the prime sales seasons in September will boost earnings.

The benchmark Shanghai Composite Index added 0.89 percent, or 27.84 points, to close at 3,140.56 points. Turnover shrank to 138.6 billion yuan (US$20.38 billion) from 157.5 billion yuan on Wednesday. Gainers outnumbered losers 474 to 378 and 26 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, closed up 0.79 percent at 1,060.86 points.

Gemdale Corp surged 4.38 percent to 17.4 yuan. Shanghai-based Shimao Property Co improved 1.85 percent to 16.53 yuan. Poly Real Estate Group climbed 3.84 percent to 27.59 yuan. Beijing Capital Development Co jumped the 10 percent daily cap to 26.9 yuan.

Datong Coal Industry Co rose 4.08 percent to 42.9 yuan. Pingdingshan Tianan Coal Mining Co improved 4.45 percent to 32.16 yuan. China Shenhua Energy Co increased 1.4 percent to 35.37 yuan.

Jiangxi Copper Co, the nation's biggest producer of the metal, jumped 8.56 percent to 42.73 yuan. Aluminum Corp of China, the country's biggest producer of the metal, rose 4.3 percent to 16.97 yuan.

On the losing side, Huaneng Power International Inc, the listed unit of the country's largest power group, slid 2.07 percent to 8.53 yuan. Huadian Power International Corp dropped 2.04 percent to 5.76 yuan. Shanghai Electric Power Co lost 0.87 percent to close at 5.7 yuan.


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