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Shanghai index rises, gains 5.73% this week

SHANGHAI'S key stock index ended higher on the last trading day of the week as the country is still maintaining a moderately loose monetary policy to provide enough liquidity in the market.

The benchmark Shanghai Composite Index added 1.33 percent, or 44.11 points, to close at 3,372.60 points. Turnover was 223.6 billion yuan (US$32.7 billion). Losing shares outnumbered gainers 583 to 280 and 45 remained unchanged. The index gained 5.73 percent this week.

The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.29 percent to close at 1,105.50 points.

Premier Wen Jiabao was quoted by Xinhua news agency yesterday as saying current monetary policies will continue and that the economy is showing positive signs.

PetroChina, the biggest index component, surged 5.41 percent to 16.18 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, jumped 3.48 percent to 14.27 yuan.

Datong Coal Industry Co Ltd rose 2.75 percent to 52.69 yuan. Shanxi Xishan Coal and Electricity Power Co Ltd jumped 3.39 percent to 40.87 yuan. Anhui Hengyuan Coal Industry and Electricity Power Co Ltd edged up 0.36 percent to 39.48 yuan. China Coal Energy Co Ltd jumped 6.57 percent to 16.39 yuan.

Metal producers showed mixed results. Aluminum Corporation of China Ltd, the country's biggest producer of the metal, surged the daily limit of 10 percent to 17.89 yuan. Jiangxi Copper Co rose 1.44 percent to 46.39 yuan. Shandong Golden Mining Co lost 1.20 percent to 60.34 yuan. Zijin Mining Co was down 1.58 percent to 11.19 yuan.

Real estate developers were among the losers. China Vanke Co, the biggest listed domestic real estate developer, dropped 1.39 percent to 14.22 yuan. Gemdale Corporation lost 0.97 percent to 19.32 yuan. Poly Real Estate Group retreated 2.01 percent to 29.68 yuan. Shanghai Shimao Co Ltd was down 2.94 percent to 17.18 yuan.

Banks showed mixed results. Shanghai Pudong Development Bank lost 1.14 percent to 25.26 yuan. China Construction Bank dipped 0.65 percent to close at 6.08 yuan. Bank of Communications advanced 3.77 percent to 11.00 yuan. China Merchants Bank Co edged up 0.46 percent to 19.50 yuan.


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