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Shanghai market rises at midday as developers jump

SHANGHAI'S key stock index rose more than 1 percent in the morning session to above 3,000 points lifted by strong performance of property developers and metal companies.

The benchmark Shanghai Composite Index was up 1.39 percent, or 41.34 points, to close at 3,017.97 points. Turnover was 64.8 billion yuan(US$9.5 billion). Gainers outnumbered losers 757 to 111, and 34 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, increased 1.97 percent to close at 1,048.65 points.

Ningbo Fubang Jingye Group, the Chinese aluminum producer, said it made a profit in the first nine months compared to a loss in the year-earlier period. Its shares went up 3.10 percent to 7.99 yuan.

Wuliangye Yibin Co Ltd, the Chinese liquor producer, said today its profit for the first three quarters rose 44.7 percent from a year ago to 2.30 billion yuan. It may see a profit of 2.72 billion yuan in the full year, up 50 percent year-on-year, the company said in a filing today. Its shares rose 2.01 percent to 21.84 yuan.

China Vanke Co, the biggest listed domestic real estate developer, surged 5.28 percent to 12.16 yuan. Gemdale Corporation advanced 5.82 percent to 15.82 yuan. Poly Real Estate Group hiked 3.97 percent to 27.76 yuan.

Metal producers were also strong. Jiangxi Copper surged 5.81 percent to 40.58 yuan. Yunnan Copper jumped 7.10 percent to 30.02 yuan. Aluminum Corporation of China Ltd added 3.16 percent to 14.05 yuan.


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