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Shanghai index jumps 1%, closes above 3,300 points

SHANGHAI'S key stock index advanced nearly 1 percent and closed above 3,300 points as oil producers and financial shares posted strong gains.

The benchmark Shanghai Composite Index rose 0.97 percent, or 31.88 points, to close at 3,328.49 points. Turnover stood at 195.4 billion yuan (US$28.6 billion). Gainers outnumbered losers 565 to 280 while 63 did not change.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.93 percent to close at 1,108.67 points.

China Petroleum & Chemical Corp rose 3.06 percent to 13.79 yuan after surging 10 percent yesterday on speculation of a big first-half profit rise.

Yunnan Copper, China's third-biggest smelter of the metal, climbed 10 percent to 28.82 yuan after saying it plans to raise as much as 6 billion yuan (US$878 million) through a private share sale to fund acquisitions. Jiangxi Copper Co gained 3.13 percent to 45.73 yuan.

Banks were also strong. Shanghai Pudong Development Bank added 1.51 percent to 25.55 yuan. China Construction Bank rose 0.99 percent to close at 6.12 yuan. Bank of Communications climbed 5.16 percent to 10.60 yuan. China Merchants Bank Co advanced 1.89 percent to 19.41 yuan.

Shipping lines declined after a measure of transport rates fell. China Cosco Holdings Co, the world's largest operator of dry-bulk ships, lost 1.24 percent to 17.47 yuan. Cosco Shipping Co, a unit of China's biggest shipping company, dropped 1.65 percent to 13.12 yuan. China Shipping Development Co Ltd retreated 1.22 percent to 16.23 yuan.

The Baltic Dry Index, a measure of shipping costs for commodities, dropped 1.4 percent to 3,407 points, its third consecutive daily decline, according to the Baltic Exchange.


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