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Property, banking sectors lead market higher at midday

SHANGHAI'S key stock index ended higher in the morning session on the strength of blue chips in the real estate and banking sectors.

The benchmark Shanghai Composite Index rose 0.87 percent, or 23.66 points, to close at 2,717.85 points. Gainers outnumbered losers 478 to 353 while 42 remained unchanged. Turnover stood at 71.99 billion yuan (US$10.59 billion).

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.87 percent to close at 915 points.

Property developers led the gains. Gemdale Corp, a Chinese partner of ING Group NV, climbed 5.5 percent to 14.58 yuan. Poly Real Estate Group Co, China's second-largest developer by market value, surged 6.88 percent to 24.85 yuan while Shanghai-based Shimao Property Co gained 2.3 percent to 14.66 yuan.

Gold producers continued a recent strong run. Zijin Mining Group increased 1.22 percent to 9.94 yuan. Zhongjin Gold Corp advanced 4.22 percent to 88.15 yuan. Shandong Gold Mining Co jumped 2.02 percent to 50.99 yuan.

Lenders also gained in the morning session. Shanghai Pudong Development Bank Co climbed 7.66 percent to 28.12 yuan. Bank of Communications Co added 4.02 percent to 7.51 yuan.

Bank of China did not match the upward momentum of its peers as its shares lost 1.65 percent to close the session at 3.69 yuan.


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