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Property profit prospect propels market

SHANGHAI'S key stock index extended yesterday's rally in the morning session, led by property developers on prospects of encouraging annual earnings reports.

The benchmark Shanghai Composite Index added 0.5 percent, or 16.14 points, to close at 3,231.69 points. Turnover stood at 86.7 billion yuan (US$12.75 billion). Gainers outnumbered losers 506 to 338 while 32 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.43 percent to close at 1,224.38 points.

Wolong Real Estate Group surged by 10 percent daily cap to 16.97 yuan. It reported late yesterday its 2009 profit jumped 33.27 percent from a year ago to 136 million yuan in the first annual earnings report by a property developer this year. Property shares were pushed up on expectations of good earnings performance thanks to the booming real estate market last year.

Beijing Capital Development soared 6.1 percent to 19.21 yuan. Gemdale Corp advanced 3.9 percent to 13.34 yuan. Shanghai-based Shimao Co gained 2.2 percent to 14.79 yuan and Poly Real Estate Group advanced 2.4 percent to 21.08 yuan.

Automakers rebounded on speculations previous losses were excessive. Beiqi Foton Motor Co climbed 3.6 percent to 21.39 yuan. Dongfeng Automobile Co was up 2 percent to 6.75 yuan and SAIC Motor Corp edged up 0.6 percent to 22.90 yuan.


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