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Rebound gives market a boost

SHANGHAI'S key stock index closed higher today with a rebound in the finance sector.

The benchmark Shanghai Composite Index edged up 0.71 percent, or 19.55 points, to close at 2,787.89 points. Turnover was 133.3 billion yuan (US$19.5 billion). Losers outnumbered gainers 439 to 415 and 54 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.73 percent to close at 920.69 points.

China Construction Bank advanced 2.93 percent to 5.27 yuan. Bank of China added 1.55 percent to 3.94 yuan. Bank of Communications edged up 0.25 percent to 7.91 yuan. Shanghai Pudong Development Bank lost 1.71 percent to 21.32 yuan.

China Life Insurance Co Ltd surged 5.75 percent to 26.30 yuan. China Pacific Insurance (Group) Co Ltd rose 4.75 percent to 19.86 yuan.

PetroChina, the nation's largest oil producer and biggest heavyweight in the market, edged up 0.71 percent to 14.17 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, dipped 0.30 percent to 10.08 yuan.

Huadian Power International Co Ltd was down 0.21 percent to 4.79 yuan. Huaneng Power International Inc lost 1.18 percent to 7.52 yuan.

Poly Real Estate Group said in a statement its sales contracts reached 14.7 billion yuan in the first five months of this year, a 158 percent surge on the same period last year. Its shares rose 1.23 percent to 25.60 yuan. China Vanke Co, the nation's biggest listed property developer, added 1.97 percent to 11.36 yuan.


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