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Real estate leads market to modest gain

SHANGHAI'S key stock index reversed its morning losses yesterday and ended higher, led by real estate developers after experts said the property market might pick up in the second half of the year.

The benchmark Shanghai Composite Index rose 0.11 percent, or 2.61 points, to close at 2,463.95. Turnover shrank to 113.29 billion yuan (US$16.67 billion) from 177.6 billion yuan on the previous trading day.

"Decreased turnover indicated the local benchmark index is getting stable," said Kang Hongtao, an analyst from Guoyuan Securities Co. "We believe there will not be sharp corrections with affluent liquidity."

The Chinese Academy of Social Sciences released a property market bluebook yesterday that said the market is expected to improve as China has slashed interest rates, loosened credit loans and rolled out policies to encourage house purchases.

Shanghai Industrial Development Co rose 4.74 percent to 13.92 yuan. Gemdale Corp gained 2.04 percent to 11.01 yuan. Shanghai-based Shimao Co added 2.41 percent to 11.49 yuan. Poly Real Estate Group inched up 0.22 percent to 22.96 yuan.

Nonferrous metals contributed to the gains. Jiangxi Copper Co surged 6.26 percent to 24.44 yuan. Yunnan Chihong Zinc and Germanium Co jumped 2.25 percent to 20.41 yuan.

Coal producers were strong. Pingdingshan Tianan Coal Mining Co soared 4.56 percent to 23.86 yuan.


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