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Shanghai market gains in morning session

SHANGHAI'S key stock index rebounded from a seven-week low in the morning session on speculations previous losses were excessive.

The benchmark Shanghai Composite Index added 0.48 percent, or 14.64 points, to close at 3,065.16 points. Turnover stood at 44.3 billion yuan (US$6.5 billion). Gainers outnumbered losers 666 to 188 and 27 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.13 percent to close at 1,121.95 points.

Telecommunication sector led the gainers after the industry regulator said the investment on 3G infrastructure and services is expected to reach 143.5 billion yuan while the number of 3G users likely to surpass 10 million by the end of this year.

Eastern Communication Co surged 4.7 percent to 6.08 yuan. Founder Technology Group advanced 4.5 percent to 4.91 yuan. Shanghai Belling Co soared 5 percent to 7.28 yuan.

Metal producers were strong on speculation raw-material demand will be sustained. Jiangxi Copper Co was up 0.8 percent to 36.15 yuan after tumbling to a two-month low yesterday. Aluminum Corp of China gained 1.1 percent to 13.62 yuan.

Bucking the upward trend, gold producers fell after bullion price lost ground. Zijin Mining Group Co, the country's largest gold producer, retreated 0.7 percent to 9.17 yuan. Zhongjin Gold Corp, the second biggest by market value, slid 1.2 percent to 54.88 yuan. Shandong Gold Mining Co dipped 0.6 percent to 74.88 yuan.


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