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Property leads the way as index rises

SHANGHAI's key stock index rose over 1 percent yesterday to above 2,800 points as property shares rebounded. The Shanghai Composite Index rose 1.23 percent, or 34.10 points, to close at 2,810.12 points. Turnover was 117.9 billion yuan (US$17.3 billion).

"The index will very likely continue to advance with the turnover rising and brokerages may outperform the market with the resumption of initial public offerings in the near future," Chang Jiang Securities wrote in a research report.

China Vanke Co was up 9.70 percent to 11.88 yuan. Poly Real Estate Group rose 8.23 percent to 25.52 yuan. Gemdale Corp was up 8.17 percent to 14.57 yuan.

Banking shares also ended higher. Industrial and Commercial Bank of China, the nation's biggest lender, added 1.44 percent to 4.94 yuan. Shanghai Pudong Development Bank edged up 0.52 percent to 21.16 yuan. Bank of Communications rose 0.83 percent to 8.51 yuan.

PetroChina Co was up 0.73 percent to 13.88 yuan. China Petroleum and Chemical Corp (Sinopec) added 1.10 percent to 10.10 yuan. Shipping companies were also among the gainers as the Baltic Dry Index, a main gauge for shipping freights, posted a fourth consecutive gain to end at 3,951 points. China COSCO Holdings Co rose 2.60 percent to 13.43 yuan. China Shipping Development Co was up 0.89 percent to 13.53 yuan. China Shipping Haisheng Co jumped 10 percent to 10.40 yuan.

Pharmaceutical companies also did well. Guilin Layn Natural Ingredients Corp surged 10 percent to 31.85 yuan. Shanghai Jiaoda Onlly Co also rose 10 percent to end the day at 9.92 yuan.


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