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Market's 2 percent leap cheers investors

SHANGHAI'S key stock index jumped over 2 percent today, following strong rallies in US markets, led by steel producers and insurers.

The benchmark Shanghai Composite Index was up 2.1 percent, or 64.6 points, to close at 3,145.16 points. Turnover rose slightly to 178.3 billion yuan (US$26.22 billion) from 172.8 billion yuan on the previous trading day. Gainers outnumbered losers 795 to 67 and 12 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 2.09 percent to close at 1,068.93 points.

China Pacific Insurance (Group) Co surged 6.09 percent to 27.18 yuan. Ping An Insurance (Group) Co soared 8.94 percent to 59.57 yuan while China Life Insurance Co, the country's largest insurer, advanced 4.82 percent to 29.57 yuan.

Baoshan Iron & Steel Co, the nation's biggest steelmaker, added 3.52 percent to 8.24 yuan. Anyang Iron & Steel Inc jumped by the 10 percent daily cap to 5.48 yuan. Wuhan Iron and Steel Co hiked 8.14 percent to 9.43 yuan. Handan Iron & Steel Co rose 6.73 percent to 6.5 yuan.

Shanghai Lujiazui Finance & Trade Zone expanded 4.41 percent to 28.15 yuan. Poly Real Estate Group Co, China's second-largest developer by market value, edged up 1.75 percent to 29.71 yuan. Shanghai-based Shimao Property Co increased 1.35 percent to 18.74 yuan and Gemdale Corp was up 2.3 percent to 17.79 yuan.


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