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Morning trade hits yearly high point

SHANGHAI'S key stock index rose in morning trading to the highest point in a year with strong performances by heavyweights and financial shares.

The benchmark Shanghai Composite Index added 0.33 percent, or 9.76 points, to close at 2,932.06 points. Turnover was 68.7 billion yuan (US$10.1 billion). Losers outnumbered gainers 529 to 306 and 73 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.35 percent to close at 957.25 points.

Sinopec Group said yesterday it has agreed to buy Canadian-listed Addax Petroleum Corp for US$7.2 billion, giving it oil reserves from West Africa to Iraq. Its listed unit China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, advanced 1.43 percent to 10.67 yuan.

China Pacific Insurance (Group) Co Ltd surged 6.52 percent to 21.41 yuan. Ping An Insurance (Group) Co advanced 2.49 percent to 46.90 yuan. China Life Insurance Co Ltd, the country's largest life insurance company, jumped 2.87 percent to 27.58 yuan.

Banks showed mixed results. Industrial & Commercial Bank of China, the nation's biggest lender, was up 1.49 percent to 5.44 yuan. Shanghai Pudong Development Bank edged up 0.22 percent to 22.40 yuan. China Construction Bank rose 0.49 percent to close at 4.42 yuan. Bank of Communications dipped 0.22 percent to 8.93 yuan.

China Vanke Co, the biggest listed domestic real estate developer, rose 1.21 percent to 12.56 yuan. Gemdale Corporation jumped 2.85 percent to 15.53 yuan. China Merchants Property Development Co Ltd added 1.74 percent to 29.23 yuan.

Shipping companies were among the losers. China Shipping Development Co Ltd lost 1.35 percent to 13.12 yuan. Shanghai International Port (Group) Co was down 1.21 percent to 5.70 yuan. Cosco Shipping Co Ltd dropped 1.40 percent to 10.55 yuan.


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