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Recovery hopes spur morning market

SHANGHAI'S key stock index continued yesterday's gains in morning trade to a seven-month high after a brokerage's report said the index may climb along with the recovery of the economy.

The benchmark Shanghai Composite Index advanced 1.16 percent, or 27.98 points, to close at 2,436.00 points at 11:30am. Turnover was 88.9 billion yuan (US$13.0 billion). Gainers outnumbered losers 449 to 394 and 65 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.95 percent to close at 806.29 points.

China's stocks will benefit from a "V-shaped" recovery in the world's third-largest economy, Citic Securities said. The research report by the country's biggest listed brokerage predicted an increase in corporate profits in the second quarter, boosted by the government's stimulus packages. It said brokerages, banks and insurance companies would outperform the market.

Ping An Insurance, China's second-biggest insurer, advanced 3.48 percent to 40.13 yuan. China Life Insurance Co Ltd, the country's largest life insurance company hiked 3.42 percent to 23.90 yuan.

Bank of Communications advanced 3.08 percent to 6.69 yuan. China Merchants Bank Co rose 2.22 percent to 16.55 yuan. China Construction Bank edged up 0.93 percent to 4.36 yuan.

Huaneng Power International Inc, the listed unit of China's largest power group, added 1.62 percent to 8.16 yuan.
China Oilfield Services Ltd, the drilling unit of the nation's third-largest oil producer, said 2008 net income
rose 39 percent from a year earlier to 3.1 billion yuan. Its shares dipped 0.54 percent to 14.65 yuan.

Real estate developers were also strong. China Vanke Co, the nation's biggest listed property developer, added 1.53 percent to 8.61 yuan. Gemdale Corporation was up 0.89 percent to 11.29 yuan. Beijing Huaye Real Estate Co rose 4.38 percent to 5.96 yuan.


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