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Property firms lead index to end 2% up

SHANGHAI'S key stock index climbed nearly 2 percent yesterday to end above 2,300 points, led by property developers.

The Shanghai Composite Index gained 1.96 percent, or 44.30 points, to 2,305.78 points. Turnover was 138.6 billion yuan (US$20.3 billion). A total of 867 shares gained, 16 fell and 28 were unchanged.

"It is far too early to ignore the adverse effects of surrounding stock markets and we suggest the index may still adjust in the near future," according to a research note by Galaxy Securities.

Shenyin & Wanguo Securities said in a research note that the Shanghai index may climb above 2,400 points this week but investors should still be cautious over fluctuations.

Real estate developers gained strongly after the China Securities Journal said that a stimulus plan for the industry has been submitted to the nation's top economic planning agency for review. Poly Real Estate Group Co rose 5.99 percent to 20.01 yuan while China Vanke Co, the nation's largest listed property developer, surged 4.65 percent to 8.10 yuan and China Merchants Property Development Co Ltd rallied 9.79 percent to 18.06 yuan.

PetroChina, the biggest component in the index, ended 0.44 percent up at 11.43 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, edged up 0.69 percent to 8.70 yuan. Huadian Power International Co Ltd shed 0.37 percent to 5.41 yuan.

Banks also rallied. The Industrial and Commercial Bank of China, the biggest lender, rose 0.52 percent to 3.85 yuan and the Bank of China added 0.91 percent to 3.34 yuan. Haitong Securities gained 3.63 percent to 13.70 yuan and Sinolink Securities climbed 4.00 percent to 32.78 yuan.


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