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August 14, 2009

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Home » Business » Finance

Property shares lead key index higher

SHANGHAI'S key stock index ended higher yesterday, led by property developers on expectations the coming prime sales season for home purchases in September will boost corporate earnings.

The Shanghai Composite Index added 0.89 percent, or 27.84 points, to close at 3,140.56 points. Turnover shrank to 138.6 billion yuan (US$20.38 billion) from 157.5 billion yuan on Wednesday.

"Real estate developers performed strongly and led the market to reverse from earlier losses," Guotai Jun'an Securities Co wrote in a research note. "Capital has been tracked flowing to the property sector recently and is a reflection of market confidence recovering."

Gemdale Corp surged 4.38 percent to close at 17.4 yuan. Shanghai-based Shimao Property Co added 1.85 percent to 16.53 yuan, Poly Real Estate Group climbed 3.84 percent to 27.59 yuan and Beijing Capital Development Co jumped by the 10 percent daily cap to 26.90 yuan.

Datong Coal Industry Co soared 4.08 percent to 42.90 yuan. China Shenhua Energy Co gained 1.4 percent to 35.37 yuan and Pingdingshan Tian'an Coal Mining Co rose 4.45 percent to 32.16 yuan.

Jiangxi Copper Co, the nation's biggest producer of the metal, gained 8.56 percent to 42.73 yuan. Aluminum Corp of China rose 4.3 percent to 16.97 yuan.

Losers included Huaneng Power International Inc, the listed unit of the country's largest power group, losing 2.07 percent to 8.53 yuan while Huadian Power International Corp sank 2.04 percent to 5.76 yuan. Shanghai Electric Power Co dimmed 0.87 percent to close at 5.70 yuan.


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