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Shanghai index inches higher

SHANGHAI'S key stock index added more than 1 percent today to close above 3,000 points, lifted by banking sector and heavyweights.

The benchmark Shanghai Composite Index rose 1.24 percent, or 36.95 points, to close at 3,026.74 points. Turnover was 157.1 billion yuan (US$23 billion). Gainers outnumbered losers 811 to 48 and 51 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, jumped 2.44 percent to close at 1,041.33 points.

China Securities Regulatory Commission will review applications for initial public offerings on Thursday. A total of 149 firms handed in applications and hope to raise a combined 33.6 billion yuan.

"Whether the index will remain above 3,000 points is still uncertain and with the drop of the price of large commodities, metal producers may face fluctuations in the near future," Wan Bing, an analyst at GF Securities, wrote in a research report.

Industrial & Commercial Bank of China, the nation's biggest lender, was up 0.20 percent to 5.08 yuan. Shanghai Pudong Development Bank added 0.42 percent to 21.62 yuan. China Construction Bank edged up 0.50 percent to close at 6.05 yuan. Bank of Communications rose 0.75 percent to 9.39 yuan.

PetroChina, the largest oil producer and biggest heavyweight in the Shanghai market, rose 0.90 percent to 12.29 yuan. PetroChina added 0.51 percent to 13.71 yuan.


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