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Shanghai index hits 12-month high point

SHANGHAI'S key stock index rose yesterday to close at a 12-month high due to strong performances by insurers and property developers.

The benchmark Shanghai Composite Index edged up 0.09 percent, or 2.75 points, to close at 2,925.05. Turnover was 129.3 billion yuan (US$18.9 billion).

"Investors should be cautious of short-term fluctuations brought by the resumption of IPOs next Monday, and we think heavyweights may outperform the market," Fang Tiecheng, an analyst at United Securities wrote in a research report.

Sinopec Group on Wednesday said it has agreed to buy Addax Petroleum Corp for US$7.2 billion, giving it oil reserves from west Africa to Iraq. China Petroleum and Chemical Corp, Asia's largest refiner and Sinopec Group's listed unit, rose 0.38 percent to 10.56 yuan.

China Pacific Insurance (Group) Co jumped 6.37 percent to 21.38 yuan. Ping An Insurance (Group) Co rose 2.8 percent to 47.04 yuan. China Life Insurance Co, the country's largest life insurance company, was up 2.39 percent to 27.45 yuan.

Banks had mixed results. The Industrial and Commercial Bank of China was up 1.49 percent to 5.44 yuan. Shanghai Pudong Development Bank lost 0.94 percent to 22.14 yuan. China Construction Bank rose 0.49 percent to close at 6.10 yuan. The Bank of Communications was down 1.01 percent to 8.86 yuan.

China Vanke Co, the biggest listed domestic real estate developer, was up 0.4 percent to 12.46 yuan.


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