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Property, coal firms lead Shanghai shares higher

SHANGHAI'S key stock index closed higher today on strength in property shares and coal producers.

The benchmark Shanghai Composite Index edged up 0.26 percent, or 8.85 points, to close at 3,471.44 points. Turnover was 251.1 billion yuan (US$36.8 billion). Gainers outnumbered losers 453 to 408 and 47 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.77 percent to close at 1,149.27 points.

Shanxi Guoyang New Energy Co Ltd surged the daily limit of 10 percent to 48.20 yuan. Shanxi Coking Co rallied 7.26 percent to 12.11 yuan. China Shenhua Energy Co, the nation's largest coal producer, jumped 6.27 percent to 41.19 yuan.

Standard & Poor's Corp issued a positive report on China's property market today since the fluidity in the market has improved in the first half of the year although it may undergo adjustments later this year.

China Vanke Co, the biggest listed domestic real estate developer, reported a 2.52 billion profit in the first half, up 22.5 percent from the same period last year. Its shares added 0.53 percent to 13.31 yuan. Poly Real Estate Group advanced 1.42 percent to 27.16 yuan. China Merchants Property Development Co Ltd edged up 0.77 percent to 32.80 yuan. Shanghai Waigaoqiao Free Trade Zone Development Co surged 5.34 percent to 18.74 yuan.

China Business News yesterday cited an unnamed official close to the China Securities Regulatory Commission as saying that the commission is considering carrying out stricter regulations about trading of financial derivatives.

Industrial & Commercial Bank of China, the nation's biggest lender, dropped 2.22 percent to 5.28 yuan. Shanghai Pudong Development Bank slid 2.92 percent to 26.31 yuan. China Construction Bank lost 1.83 percent to close at 6.42 yuan. Bank of Communications retreated 1.46 percent to 10.80 yuan.

China Life Insurance Co Ltd, the country's largest life insurance company, lost 1.57 percent to 31.96 yuan. China Pacific Insurance (Group) Co Ltd slid 4.10 percent to 26.45 yuan. Ping An Insurance (Group) Co retreated 3.15 percent 60.81 yuan.

Steel producers showed mixed results. Baoshan Iron and Steel Co, China's biggest steel maker, was down 1.19 percent to 9.98 yuan. Angang Steel Co Ltd dropped 2.12 percent to 18.50 yuan. Xinjiang Bayi Iron & Steel Co Ltd rose 3.49 percent to 15.42 yuan. GF Securities said in a research report yesterday that steel producers may enjoy high gross profit in the future and those with long-term price agreements will have a competitive edge.


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