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Morning market turns positive

SHANGHAI'S key stock index closed higher in the morning session with strong performances by heavyweights and financial shares.

The benchmark Shanghai Composite Index was up 0.83 percent, or 21.38 points, to close at 2,609.95 points. Losers outnumbered gainers 498 to 339 while 71 remained unchanged. Turnover was 49.2 billion yuan (US$7.2 billion).

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.24 percent to close at 879.39 points.

China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, advanced 1.78 percent to 10.32 yuan. PetroChina, the biggest index component, hiked 3.21 percent to 13.51 yuan.

Bank of Communications added 1.49 percent to 6.81 yuan. China Construction Bank edged up 0.22 percent to 4.47 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, was up 0.71 percent to 4.26 yuan.

Sinolink Securities rose 0.90 percent to 37.17 yuan and Haitong Securities added 0.57 percent to 14.12 yuan.

Insurers had mixed results. China Life Insurance Co Ltd, the country's largest life insurance company, edged up 0.84 percent to 22.90 yuan. China Pacific Insurance (Group) Co Ltd dipped 0.12 percent to 16.94 yuan. Ping An Insurance (Group) Co added 1.35 percent to 39.00 yuan.

Shipping Companies rose after the Baltic Dry Index gained 5.6 percent yesterday. The index tracking transport costs on international trade has advanced almost fourfold since the start of the year, recovering from last year's 92 percent collapse.

China Shipping Development Co Ltd rose 2.03 percent to 13.07 yuan. China Cosco Holdings Co Ltd advanced 3.20 percent to 12.57 yuan. China Shipping Container Lines Co Ltd edged up 0.50 percent to 4.05 yuan.


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