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Property shares push Shanghai index up

SHANGHAI shares rose in the morning as property developers gained. Tire makers tumbled after United States decided to impose additional tariffs on shipments from China.

The benchmark Shanghai Composite Index edged up 0.25 percent, or 7.53 points, to close at 2,997.32 points. Turnover was 121.9 billion yuan(US$11.1 billion). Gainers outnumbered losers 685 to 159 and 66 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.38 percent to close at 1,030.59 points.

Property developers were among the gainers. China Vanke Co, the biggest listed domestic real estate developer, rose 1.56 percent to 11.74 yuan. Gemdale Corporation was up 0.94 percent to 15.08 yuan. Shanghai Shimao Co Ltd edged up 0.25 percent to 15.90 yuan. Poly Real Estate Group jumped 1.62 percent to 26.27 yuan.

Tire makers were among the losers after the US posed 35 percent additional tariffs on US$1.8 billion of automobile tires from China, which will begin on September 26. Giti Tire Corp dropped 4.94 percent to 7.12 yuan. Guizhou Tyre Co retreated 5.74 percent to 15.10 yuan. Double Coin Holdings Ltd stumbled by the daily limit of 10 percent to 19.01 yuan.

China State Construction Engineering Corp, the country's largest housing contractor, said it has signed 225 billion of contracts in the first eight months, up 20 percent from a year ago. The stock was up 0.56 percent to 5.34 yuan.

Zijin Mining Co said it will buy the remaining shares of Zijin Copper, which it owns a 50 percent stake now, for no more than 114 million yuan. The stock rose 0.21 percent to 9.51 yuan.

Banks were weak. Industrial & Commercial Bank of China, the nation's biggest lender, dropped 0.79 percent to 5.03 yuan. Shanghai Pudong Development Bank lost 1.07 percent to 21.30 yuan. China Construction Bank dipped 0.50 percent to close at 5.99 yuan. Bank of Communications was down 0.21 percent to 9.30 yuan.


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