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Metals stamp their mark as shares climb

SHANGHAI'S key stock index rose for a fourth day yesterday, the longest winning run so far this year, led by rallies in several important sectors.

The Shanghai Composite Index rose 1.89 percent, or 42.03 points, to 2,265.76. Gainers outnumbered losers 834 to 42 while 11 stocks stayed unchanged.

"Heavyweights led shares up on increasing market confidence," Chenghao Securities Brokerage Co wrote in a research note. "The property, nonferrous metals and energy sectors propped up the index and led the rebound." The brokerage is confident shares would continue to rise.

Zijin Mining Group Co, China's largest gold producer, rose 4.76 percent to 9.03 yuan as the price of the metal rebounded from the biggest drop in two months. Shandong Gold Mining Co surged 7.89 percent to 74.43 yuan. Gold futures for April delivery rose to US$942.40 an ounce in New York, after the close of regular trading.

Shanghai Zhenhua Port Machinery Co jumped 9.96 percent to close at 10.71 yuan after saying it raised 3 billion yuan by selling shares to its parent company.


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