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One-year high for key city index

SHANGHAI'S key stock index climbed to a one-year high yesterday with strong performances from steel and coal producers and the financial sector.

The Shanghai Composite Index rose 1.02 percent, or 29.6 points, to close at 2,922.3, the highest since June 18, last year. Turnover was 146.6 billion yuan (US$21.5 billion).

"Heavyweights will continue to support the index, and we think the index may climb to 3,000 points within the week," Donghai Securities wrote in a research note.

PetroChina, the biggest heavyweight in the market, rose 1.3 percent to 14.06 yuan. China Petroleum and Chemical Corp, rose 2.04 percent to 10.52 yuan.

Nanjing Iron and Steel Co rose 4.06 percent to 5.64 yuan. Baoshan Iron and Steel Co, rose 3 percent to 7.20 yuan, and Beijing Shougang Co was up 3.29 percent to 6.27 yuan.

China Shenhua Energy Co rose 4.78 percent to 27.84 yuan, and China Coal Energy Co increased 3.92 percent to 12.18 yuan.

Brokerages were strong. Sinolink Securities was up 1.48 percent to 22.64 yuan, Haitong Securities rose 1.6 percent to 16.47 yuan, Guoyuan Securities added 2.09 percent to 18.59 yuan, and CITIC Securities increased 1.34 percent to 28.70 yuan.

Real estate developer China Vanke Co edged up 0.49 percent to 12.41 yuan, Gemdale Corp was up 0.07 percent to 15.10 yuan, China Merchants Property Development Co added 0.35 percent to 28.73 yuan, and Poly Real Estate Group rose 1.15 percent to 25.58 yuan.

Banks were among the losers with speculation that the China Banking Regulatory Commission was not likely to cut the reserve ratio. The Industrial and Commercial Bank of China dropped 1.11 percent to 5.36 yuan, Shanghai Pudong Development Bank dipped 0.45 percent to 22.35 yuan, China Construction Bank lost 1.46 percent to close at 6.07 yuan, and the Bank of Communications retreated 1.43 percent to 8.95 yuan.


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