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Market follows US upsurge

SHANGHAI'S key stock index rose over 1 percent in the morning session, led by lenders, property developers and oil refiners, following hikes in United States' markets.

The benchmark Shanghai Composite Index added 1.01 percent, or 26.77 points, to close at 2,679.55 points. Gainers outnumbered losers 562 to 249 while 40 remained unchanged. Turnover was 74.25 billion yuan (US$10.92 billion).

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.97 percent to close at 900.89 points.

The petrochemical sector gained after a detailed rejuvenation plan was announced yesterday. China plans to increase annual oil refining volume by 18 percent in three years, boosting state fuel reserves and exploration as demand rises over the long term.

PetroChina, the biggest component index, climbed 1.54 percent to 13.17 yuan. Sinopec, Asia's largest refiner, gained 1.34 percent to 10.60 yuan. Sinopec Shanghai Petrochemical Co advanced 4.48 percent to 7.69 yuan.

Gemdale Corporation surged 4.02 percent to 16.80 yuan. China Merchants Property Development Co Ltd edged up 0.71 percent to 28.30 yuan. Poly Real Estate Group Co soared 4.74 percent to 23 yuan. Shanghai Lujiazui Finance & Trade Zone added 0.4 percent to 25.29 yuan.

Lenders were strong. Bank of Communications Co gained 2.23 percent to 7.34 yuan. Shanghai Pudong Development Bank Co hiked 3.49 percent to 26.06 yuan. China Merchants Bank Co increased 1.12 percent to 17.22 yuan.


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