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Market ends the week on a high

SHANGHAI'S key stock index ended higher on the last trading day of the week with strong performances by brokerages and pharmaceutical companies.

The benchmark Shanghai Composite Index was up 0.93 percent, or 26.59 points, to close at 2,880.49 points. Turnover was 151.3 billion yuan (US$22.1 billion). Gainers outnumbered losers 419 to 416 and 73 remained unchanged. The index gained a collective 4.98 percent, or 136.73 points in the past five days.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.32 percent at 943.87 points.

Financial shares and banks were strong with the resumption of initial public offerings officially announced. Guilin Sanjin Pharmaceutical Co will become the first company to launch IPO after a nine-month hiatus and it will raise about 600 million yuan by selling 46 million A shares.

Haitong Securities rose 1.84 percent to 17.14 yuan. Sinolink Securities surged the daily limit of 10 percent to 21.46 yuan. Hongyuan Securities added 3.83 percent to 21.16 yuan. Changjiang Securities advanced 3.56 percent to 18.05 yuan.

Pharmaceutical companies also lifted the market. Shanghai No. 1 Pharmacy Co Ltd advanced 4.56 percent to 8.49 yuan. Zhuzhou Qianjin Pharmaceutical Co Ltd jumped 4.58 percent to 17.14 yuan. Sichuan Dikang Science & Technology Pharmaceutical Industry Co jumped the daily limit of 10 percent to 9.08 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, rose 2.37 percent to 5.19 yuan. Shanghai Pudong Development Bank added 1.92 percent to 21.80 yuan. China Construction Bank rose 0.68 percent to close at 5.91 yuan and Bank of Communications increased 1.93 percent to 8.98 yuan.

Steel producers were among the losers. Guangzhou Iron and Steel Co Ltd lost 2.35 percent to 4.98 yuan. Wuhan Steel Processing Co Ltd dipped 0.25 percent to 7.91 yuan. Angang Steel Co Ltd was down 0.50 percent to 11.91 yuan.


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