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Property stocks boost morning market

SHANGHAI'S key stock index closed higher in the morning session to near 2,500 points with strong performances by property shares.

The benchmark Shanghai Composite Index added 0.83 percent, or 20.49 points, to close at 2,488.69 points. Turnover was 71.2 billion yuan (US$10.4 billion). Gainers outnumbered losers 674 to 161 and 73 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.70 percent to close at 831.45 points.

China Vanke Co, the biggest listed domestic real estate developer, advanced 2.65 percent to 8.52 yuan. Gemdale Corporation hiked 6.86 percent to 11.99 yuan. China Merchants Property Development Co Ltd jumped 4.64 percent to 25.01 yuan.

Financial shares were also among the gainers. China Pacific Insurance (Group) Co Ltd rose 1.61 percent to 17.71 yuan. Ping An Insurance (Group) Co was up 2.04 percent to 40.05 yuan. China Life Insurance Co Ltd, the country's largest life insurance company, edged up 0.68 percent to 23.78 yuan.

China Cosco Holdings Co Ltd reported a loss of 3.3 billion yuan in the first quarter. Its shares lowered 1.63 percent to 12.07 yuan.

Banks showed mixed results. Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.24 percent to 4.10 yuan. Shanghai Pudong Development Bank edged up 0.65 percent to 23.21 yuan. China Construction Bank was down 0.23 percent to close at 4.42 yuan. Bank of Communications was up 0.15 percent to 6.82 yuan.


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