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Shanghai shares grow on stronger drug makers

SHANGHAI'S key stock index extended its rally in the morning session, driving the gauge to its longest winning streak in two years, after drug makers rose as the cold front aggravated the H1N1 epidemic.

The benchmark Shanghai Composite Index added 0.3 percent, or 9.42 points, to close at 3,185 points. Turnover stood at 85.6 billion yuan (US$12.8 billion). Losers outnumbered gainers 457 to 397, and 25 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.43 percent to close at 1,135.45 points.

Tianjin Tasly Pharmaceutical Co surged 6.1 percent to 23.2 yuan. China National Medicines Corp jumped 2.2 percent to 21.76 yuan. Kangmei Pharmaceutical Co advanced 2.3 percent to 10.3 yuan.

Steel producers were strong after Shandong Iron and Steel Group started consolidation following Hebei Iron and Steel Group in a bid to boost profit margins in the steel industry and reduce pollution. Xinjiang Ba Yi Iron & Steel Co added 1.2 percent to 11.94 yuan. Baoshan Iron & Steel Co gained 0.7 percent to 7.43 yuan.

PetroChina edged up 0.2 percent to 13.69 yuan after China raised fuel prices by more than 7 percent late last night to reflect recent increases in global oil costs. The prices of gasoline and diesel both went up 480 yuan a ton starting today, which produced a 7.25 percent rise for gasoline and an 8.16 percent hike for diesel.


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