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Shanghai market climbs on hopes of better earnings at midday

SHANGHAI'S key stock index ended higher in the morning session as oil and metal producers grew on expectations of a recovery in corporate earnings amid rising demand.

The benchmark Shanghai Composite Index was up 0.69 percent, or 22.6 points, to close at 3,319.22 points. Turnover stood at 109.14 billion yuan (US$16.05 billion). Gainers outnumbered losers 485 to 359 and 28 counters remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.66 percent to close at 1,105.74 points.

China Petroleum & Chemical Corp climbed 2.32 percent to 13.69 yuan after surging 10 percent yesterday on speculation of a big profit rise in the first half.

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 3.29 percent to 45.8 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 1.81 percent to 17.37 yuan. Cosco Shipping Co, a unit of China's biggest shipping company, slipped 2.25 percent to 13.04 yuan.

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


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