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Shanghai shares rise at midday, led by developers

SHANGHAI'S key stock index ended slightly higher in the morning session, led by property developers after home prices rose for the sixth straight month in July, fanning optimism on improved earnings.

The benchmark Shanghai Composite Index added 0.27 percent, or 8.64 points, to close at 3,258.40 points. Turnover stood at 62.78 billion yuan (US$9.23 billion). Gainers outnumbered losers 453 to 388 and 34 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.57 percent to close at 1,098.38 points.

Poly Real Estate Group Co, the nation's second-largest listed developer by market value, gained 0.74 percent to 25.95 yuan. Gemdale Corp climbed 1.66 percent to 16.55 yuan. Shanghai-based Shimao Co increased 1.63 percent to 16.24 yuan.

On the losing side, Baoshan Iron & Steel Co, the nation's biggest steelmaker, fell 1.14 percent to 8.7 yuan. Wuhan Iron and Steel Co was down 1.59 percent at 10.53 yuan. Handan Iron & Steel Co dipped 0.29 percent to 6.81 yuan.

Shanghai Pudong Development Bank Co retreated 0.41 percent to 24.33 yuan. Bank of China decreased 0.23 percent to 4.33 yuan. China Merchants Bank Co declined 0.34 percent to 17.78 yuan. Bank of Communications Co eased 0.1 percent to 9.76 yuan.


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