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Shanghai market rises on positive economic statistics

SHANGHAI's key stock index added more than 1 percent in the morning trade led by bluechips as more positive statistics suggested a rebound of the economy.

The benchmark Shanghai Composite Index rose 1.10 percent, or 37.50 points, to close at 3,449.56 points. Turnover was 127.1 billion yuan(US$18.6 billion). Gainers outnumbered losers 609 to 248 and 51 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, added 1.32 percent to close at 1,132.70 points.

The Purchasing Managers' Index (PMI) of China's manufacturing sector stood at 53.3 percent in July, the China Federation of Logistics and Purchasing said on Friday. The figure was 0.1 percentage point higher than that of June and continued to stood above 50.0, which suggested expansion of the economy.

China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, jumped 3.89 percent to 14.95 yuan. PetroChina, China's largest oil producer and biggest heavyweight in the market, rose 2.42 percent to 16.11 yuan. Huadian Power International Co Ltd surged 6.57 percent to 6.65 yuan.

Baoshan Iron and Steel Co, China's biggest steel maker, rose 2.49 percent to 9.87 yuan. Angang Steel Co Ltd advanced 5.76 percent to 18.35 yuan. Xinjiang Bayi Iron&Steel Co Ltd jumped 4.85 percent to 14.27 yuan.

Property developers were among the losers as the Xinhua news agency cited an unnamed official as saying the central bank would fine-tune its moderately loose monetary policy which will likely curb loan growth in the second half. China Vanke Co, the country's biggest listed domestic real estate developer, lost 1.27 percent to 13.19 yuan. Gemdale Corporation dropped 3.34 percent to 17.09 yuan. Poly Real Estate Group retreated 2.34 percent to 26.68 yuan.

Banks were also weak as a cut in new loans will hurt their profits. Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.92 percent to 5.38 yuan. Shanghai Pudong Development Bank lost 0.85 percent to 26.94 yuan. China Construction Bank was down 1.82 percent to close at 6.48 yuan. Bank of Communications retreated 1.80 percent to 10.90 yuan.


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