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Market ends rough week slightly battered

SHANGHAI'S key stock index closed higher on the last trading day of the week lifted by banking and financial shares as they reported profits in the first half.

The benchmark Shanghai Composite Index lost 2.83 percent this week after posting the biggest single-day drop in nine months on Monday.

The index rose 1.69 percent, or 49.19 points, to close at 2,960.77 points. Turnover was 138 billion yuan (US$20.2 billion). Gainers outnumbered losers 838 to 31 and 41 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, advanced 2.45 percent to close at 979.99 points.

"The index is likely to need correction in the near future with such rapid gains and losses within one week and investors should not be to eager to enter the market," Wang Xingjun, an analyst at Donghai Securities, wrote in a research note.

Banks were among the gainers as increasing new loans in the first half lifted profits.

Industrial & Commercial Bank of China, the nation's biggest listed lender, said it posted a net income of 31.4 billion yuan for the first half on record credit growth and lower provisions for bad loans as the economy rebounded. Its shares rose 2.32 percent to 4.86 yuan.

Shenzhen Development Bank said first-half profit rose 7.8 percent year on year, with higher income from fee-based services. Its shares rose 2.32 percent to 22.06 yuan.

Shanghai Pudong Development Bank added 2.07 percent to 22.71 yuan. China Construction Bank jumped 3 percent to close at 5.83 yuan. Bank of Communications edged up 0.65 percent to 9.25 yuan.

Pacific Securities Co reported a first-half profit of 206 million yuan compared with a year earlier loss of 447 million yuan. The stock was up 0.98 percent to 16.44 yuan.

Property developers were also among the gainers. China Vanke Co, the biggest listed domestic real estate developer, added 0.53 percent to 11.34 yuan. Poly Real Estate Group rose 1.30 percent to 24.92 yuan.

China Merchants Property Development Co Ltd edged up 0.81 percent to 28.60 yuan.


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