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Rises and falls but the market inches up

SHANGHAI'S key stock index closed higher yesterday after fluctuations caused by a government development plan.

The benchmark Shanghai Composite Index rose 0.29 percent, or 7.43 points, to close at 2,567.34 points, after reaching an intraday high of 2,590.78 points. Turnover continued to rise to 151.48 billion yuan (US$22.28 billion) from 146.56 billion yuan on the previous trading day.

Shares opened higher following gains in the overseas market but closed lower at the morning break after profit taking. The index picked up in the afternoon on news of the government's plan to further develop southeastern China, such as Fujian Province.

"The local benchmark index experienced wider fluctuations after reaching a nine-month high and there was demand for a correction. But the stimulus plan boosted investors' enthusiasm," said Wan Bing, an analyst from GF Securities Co. "There is no strong momentum for the index to make robust rises because of slack performances by blue chips. Shares are sure to go through further ups and downs."

Southeastern China-based shares soared after the State Council decided to take more forceful measures to accelerate the economic development on the western coast of the Taiwan Strait.

Fujian Cement Inc jumped by the 10 percent daily limit to 8.04 yuan. Xiamen XGMA Machinery Co advanced 5.03 percent to 7.72 yuan. Xiamen International Airport Co rose 4.98 percent to 17.50 yuan.

Property developers gained on better-than-expected financial figures in the real estate market. Poly Real Estate Group Co added 1.5 percent to 20.29 yuan after saying sales in the first four months more than double from a year ago.

Auto makers were upbeat on better April sales. Shen°?yang Jinbei Automotive Co hiked 3.52 percent to 3.82 yuan. SAIC Motor Corp rose 2.88 percent to 12.88 yuan. Dongfeng Automotive Co rose 1.83 percent to 4.46 yuan.

However, heavyweight blue chips were sluggish and limited the rebound. China Petroleum & Chemical Corp sank 0.4 percent to 10.07 yuan. China Shenhua Energy fell 0.71 percent to 26.50 yuan.


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