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Real estate boosts key stock index

SHANGHAI's key stock index closed higher today on the last trading day of April with strong performances by property shares.

The benchmark Shanghai Composite Index edged up 0.38 percent, or 9.38 points, to close at 2,477.57 points. Turnover was 128.4 billion yuan (US$18.8 billion). Gainers outnumbered losers 614 to 220 and 74 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.39 percent to close at 828.96 points.

China Vanke Co, the biggest listed domestic real estate developer, advanced 2.17 percent to 8.48 yuan. Gemdale Corporation surged 9.80 percent to 12.32 yuan. China Merchants Property Development Co Ltd jumped 6.11 percent to 25.36 yuan. Poly Real Estate Group Co hiked 8.25 percent to 19.42 yuan.

Financial shares and banks showed mixed results. China Pacific Insurance (Group) Co Ltd edged 0.69 percent to 17.55 yuan. Ping An Insurance (Group) Co rose 1.15 percent to 39.70 yuan. China Life Insurance Co Ltd, the country's largest life insurance company, edged up 0.08 percent to 23.64 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.49 percent to 4.09 yuan. Shanghai Pudong Development Bank edged up 0.48 percent to 23.17 yuan. It said first-quarter profit gained 5.3 percent to 2.96 billion 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.

China Cosco Holdings Co Ltd reported a loss of 3.3 billion yuan in the first quarter. Its shares lowered 2.69 percent to 11.94 yuan.


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