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September 5, 2009

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Metal producers propel key stock index higher

SHANGHAI'S key stock index closed higher for the fourth day yesterday, boosted by metal producers.

The Shanghai Composite Index rose 0.58 percent, or 16.59 points, to close at 2,861.61 points.

Turnover totaled 142.2 billion yuan (US$20.8 billion). Gainers outnumbered losers 714 to 127 and 59 stocks stayed unchanged.

"The index will not post a very strong rebound and is likely to remain between 2,800 and 2,900 in the near future," United Securities wrote in a research note.

Metal producers were strong as gold futures rose 2 percent to US$997.70 an ounce in New York, the first time they climbed above US$990 in six months. Shandong Gold Mining Co gained 7.31 percent to 55.47 yuan, Zijin Mining Co rose 2.50 percent to 9.01 yuan and Zhongjin Gold Co jumped 3.42 percent to 54.10 yuan.

China Vanke Co, the biggest listed domestic real estate developer, said its property sales in August rose 18 percent from a year earlier to reach 4.82 billion yuan, the smallest increase since March. The stock rose 1.73 percent to 11.17 yuan. Gemdale Corporation added 1.31 percent to 13.96 yuan and Shanghai Shimao Co Ltd rose 1.55 percent to 14.39 yuan.

China Pacific Insurance (Group) Co Ltd dipped 0.1 percent to 20.99 yuan while Ping An Insurance (Group) Co was up 0.45 percent to 49.19 yuan.

Steel mills were weak. Baoshan Iron and Steel Co lost 1.26 percent to 7.03 yuan and Wuhan Iron and Steel Co fell 1.49 percent to 7.95 yuan.


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