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Market highest since August 10

SHANGHAI'S market closed higher today, at its highest level since August 10, on the back of oil producers and energy companies.

The benchmark Shanghai Composite Index finished up 0.62 percent, or 20.34 points, at 3,303.23 points. Turnover was 181.5 billion yuan (US$26.6 billion). Gainers outnumbered losers 486 to 389, and 37 remained unchanged.

The price of oil increased for a third successive day yesterday to US$79.14 a barrel as crude stockpiles dropped in the United States. China Petroleum & Chemical Corp, Asia's largest refiner also known as Sinopec, increased 3.25 percent to 12.72 yuan. PetroChina gained 1.23 percent to 14.01 yuan.

Banks showed mixed results after Jiefang Daily cited an unnamed source saying China Construction Bank will carry out stricter controls on mortgage lending.

Industrial & Commercial Bank of China, the nation's biggest lender, rose 1.27 percent to 5.57 yuan. Shanghai Pudong Development Bank dipped 0.25 percent to 23.98 yuan. China Construction Bank added 1.44 percent to close at 6.34 yuan.

Baoshan Iron and Steel Co, China's biggest steel maker, dropped 1 percent to 7.9 yuan. Wuhan Iron & Steel Co was down 1.08 percent at 8.25 yuan.

Coal producers remained strong as inventories dropped at major ports as a result of the cold weather. Zhengzhou Coal Industry & Electric Power Co increased 4.94 percent to 14.02 yuan. Inner Mongolia Pinzhuang Energy Co rose 2.03 percent to 14.60 yuan. Datong Coal Industry was up 1.89 percent at 48.04 yuan.

Natural gas providers also pushed up the index amid speculation there will be a price lift. Changchun Gas Co surged the daily limit of 10 percent to 8.75 yuan as did Shanxi Provincial Natural Gas Co to close at 21.84 yuan.

Metal producers retreated from earlier gains. Zijin Mining Co dipped 0.4 percent to 9.85 yuan. Shandong Gold Mining Co lost 0.76 percent to 73.95 yuan. Zhongjin Gold Co was down 0.58 percent at 60.34 yuan.

Property developers were also among the losers among speculation that preferential policies to stimulate the market might finish by the end of the year. China Vanke Co, the biggest listed domestic real estate developer, was down 0.41 percent at 12.13 yuan. Gemdale Corporation dropped 1.44 percent to 16.38 yuan. Poly Real Estate Group Co lost 1.15 percent to 26.73 yuan.


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