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Market soars with new-found confidence

SHANGHAI'S key stock index rose nearly 2 percent today amid upbeat market sentiment after the 3,000-point barrier was conquered.

The benchmark Shanghai Composite Index added 1.73 percent, or 52.1 points, to close at 3,060.25 points. Gainers outnumbered losers 545 to 296 while 30 remained unchanged. Turnover rose to 181.11 billion yuan (US$26.63 billion) from 153.79 billion yuan on the previous trading day.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.98 percent to close at 987.02 points.

Heavyweights and blue chips led the gains. PetroChina, the biggest component index and China's top oil producer, gained 3.29 percent to 15.06 yuan. Sinopec, Asia's largest oil refiner, surged 3.9 percent to 11.2 yuan.

China Pacific Insurance (Group) Co advanced 6.13 percent to 24.95 yuan. Ping An Insurance (Group) Co increased 5.18 percent to 54.98 yuan. China Life Insurance Co expanded 2.17 percent to 29.15 yuan.

Lenders showed mixed performances. Shanghai Pudong Development Bank Co edged up 1.41 percent to 24.48 yuan. China Merchants Bank Co dipped 0.22 percent to 22.98 yuan. Bank of China rose 0.65 percent to 4.66 yuan. Bank of Communications Co was up 3.36 percent to 9.85 yuan.


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