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Market rises at midday as financial shares jump

SHANGHAI'S key stock index added nearly 2 percent in the morning session to above 3,100 points with strong performance of financial shares among expectations that continued stimulus measures will push up economic recovery.

The benchmark Shanghai Composite Index rose 1.84 percent, or 56.15 points, to close at 3,107.57 points. Turnover rose to
76.5 billion yuan(US$11.2 billion) from yesterday's 64.3 billion yuan. Gainers outnumbered losers 792 to 76, and 43 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.58 percent to close at 1,086.72 points.

Property developers and banking shares were among the gainers after Securities Times cited an unidentified source that China may extend policies to give first-time home buyers lower rates for mortgage loans.

China Vanke Co, the biggest listed domestic real estate developer, added 2.19 percent to 12.62 yuan. Gemdale Corporation rose 1.84 percent to 16.61 yuan. Poly Real Estate Group was up 2.09 percent to 27.90 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, added 1.57 percent to 5.18 yuan. Shanghai Pudong Development Bank advanced 2.90 percent to 23.08 yuan. China Construction Bank increased 2.88 percent to close at 6.07 yuan.

Guoyuan Securities said it has won regulatory approval to sell as much as 500 million additional shares to raise no more than 10 billion yuan. Its shares added 1.32 percent to 22.29 yuan.

Elsewhere, China Shipping Development Co said its net income declined 81 percent to 292 million yuan as falling shipping demand hurt revenues. Profit for the first nine months was 905.7 million yuan. Its shares added 2.16 percent to 14.16 yuan.


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