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Morning market enjoys a boost

SHANGHAI'S key stock index ended higher in the morning session, led by shipping lines and metal producers enjoying higher commodity prices.

The benchmark Shanghai Composite Index was up 0.94 percent, or 29.71 points, to close at 3,174.86 points. Turnover stood at 112.4 billion yuan (US$16.53 billion). Gainers outnumbered losers 501 to 348 and 19 remained unchanged.

Shipping companies rose on increased demand for iron ore transportation. China COSCO Holdings Co, the world's largest operator of dry-bulk ships, surged 8.21 percent to 15.82 yuan. COSCO Shipping Co hiked 7.14 percent to 12 yuan. China Shipping Container Lines Co expanded 6.17 percent to 4.82 yuan.

Steel producers gained on rising commodity prices, exceeding analysts' expectations. Baoshan Iron & Steel Co, the nation's biggest steelmaker, added 3.16 percent to 8.5 yuan. Anyang Iron & Steel Inc jumped 5.11 percent to 5.76 yuan. Wuhan Iron and Steel Co was up 3.82 percent to 9.79 yuan. Handan Iron & Steel Co rose 2 percent to 6.63 yuan.

Automakers were among the gainers after the Ministry of Commerce said the subsidies to replace old cars and home appliances are expected to generate consumption worth 50 million yuan.

Shenyang Jinbei Automotive Co climbed 1.36 percent to 4.47 yuan. Dongfeng Automobile Co increased 4.05 percent to 5.39 yuan. Beiqi Foton Motor Co edged up 2.54 percent to 15.36 yuan.


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