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Property firms lead index higher

SHANGHAI'S key stock index closed higher yesterday due to strength in the property sector as the bourse concluded a productive month.

The benchmark Shanghai Composite Index edged up 0.38 percent, or 9.38 points, to close at 2,477.57. Turnover was 128.4 billion yuan (US$18.8 billion).

The index gained 0.55 percent for the week and increased 4.4 percent for the whole month of April.

China Vanke Co advanced 2.17 percent to 8.48 yuan. Gemdale Corp surged 9.80 percent to 12.32 yuan. China Merchants Property Development Co jumped 6.11 percent to 25.36 yuan. Poly Real Estate Group Co climbed 8.25 percent to 19.42 yuan.

"The index is very likely to continue its upward trend and it may climb to 2,600 points in the near future," wrote United Securities in a research note.

Financial shares and banks showed mixed results yesterday.

China Pacific Insurance (Group) Co increased 0.69 percent to 17.55 yuan. Ping An Insurance (Group) Co rose 1.15 percent to 39.70 yuan. China Life Insurance Co, the country's largest life insurance company, edged up 0.08 percent to 23.64 yuan.

The Industrial and Commercial Bank of China, the nation's biggest lender, dipped 0.49 percent to 4.09 yuan. Shanghai Pudong Development Bank edged up 0.48 percent to 23.17 yuan. It said first-quarter profit increased 5.3 percent to 2.96 billion yuan.

China Construction Bank was down 0.23 percent to close at 4.42 yuan. The Bank of Communications was up 0.15 percent to 6.82 yuan.


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