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Metal producers pushes market higher at midday

SHANGHAI'S key stock index ended higher in the morning session, led by metal producers and brokerages.

The benchmark Shanghai Composite Index was up 1.16 percent, or 39.01 points, to close at 3,411.61 points. Turnover stood at 119.8 billion yuan (US$17.62 billion). Gainers outnumbered losers 641 to 207 and 24 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.26 percent to close at 1,119.45 points.

Metal producers led gaines on speculation government stimulus spending will boost demand for metals. Aluminum Corporation of China Ltd surged 6.88 percent to 19.12 yuan. Yunnan Copper, the country's third-biggest smelter of the metal, climbed 9.91 percent to 34.84 yuan. Jiangxi Copper Co gained 5.2 percent to 48.8 yuan.

Baoshan Iron & Steel Co, the nation's biggest steelmaker, added 3.05 percent to 8.45 yuan. Anyang Iron & Steel Inc jumped 5.64 percent to 6.18 yuan. Wuhan Iron and Steel Co was up 3.41 percent to 10.31 yuan. Handan Iron & Steel Co rose 3.97 percent to 7.07 yuan.

Brokerages were strong on speculation the resumption of initial share sales will boost earnings. CITIC Securities Co edged up 4.32 percent to 36.2 yuan. Haitong Securities Co increased 2.8 percent to 19.11 yuan. The Pacific Securities Co expanded 2.17 percent to 20.68 yuan.

Sichuan Expressway, a toll-road operator, jumped 174.72 percent from its offer price in Shanghai's first initial public offering since regulators lifted a nine-month moratorium on IPOs in June.


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