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Shanghai shares rise led by energy counters

SHANGHAI'S key stock index rose more than 2 percent in the morning session to above 3,200 points, the highest level in three months, pushed up by energy shares and coal producers.

The benchmark Shanghai Composite Index added 2.22 percent, or 70.79 points, to close at 3,258.43 points. Turnover was 120.2 billion yuan(US$17.6 billion). Gainers outnumbered losers 809 to 51, and 52 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, advanced 2.29 percent to close at 1,178.98 points.

Energy sector led the market in the morning trade among expectations that US President Obama's visit to China may boost energy cooperation between the two countries.

Baoshan Iron and Steel Co, China's biggest steel maker, rose 3.95 percent to 7.90 yuan. Wuhan Iron & Steel Co jumped 3.16 percent to 8.15 yuan. Xinjiang Bayi Iron & Steel Co surged 6.66 percent to 14.09 yuan.

Recent heavy snowstorms in northern China are also expected to boost demand for coal and fuel. Zhengzhou Coal Industry & Electric Power Co surged by the daily limit of 10 percent to 13.07 yuan. Inner Mongolia Pinzhuang Energy Co advanced 7.03 percent to 14.46 yuan. Datong Coal Industry jumped 7.62 percent to 46.58 yuan.

Metal producers were also among the gainers after gold rose 0.7 percent to US$1,126.07 an ounce. Zijin Mining Co jumped 2.49 percent to 9.89 yuan. Shandong Gold Mining Co rose 2.03 percent to 74.77 yuan. Zhongjin Gold Co advanced 1.74 percent to 60.85 yuan. Yunnan Copper Co surged 5.35 percent to 32.88 yuan.

Shenzhen Airport Co said it plans to invest 8.48 billion yuan to expand its operations and is waiting for government approval. The shares rose 1.47 percent to 7.57 yuan.

Property developers were also among the gainers after an official from the China Banking Regulatory Commission said over the weekend that there won't be a shift in policy for second-hand home loans. China Vanke Co, the biggest listed domestic real estate developer, rose 2.62 percent to 12.12 yuan. Gemdale Corporation added 2.79 percent to 16.22 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd edged up 1.49 percent to 29.33 yuan.

Beiqi Foton Motor Co said its sales in the first ten months this year added 34.8 percent from a year ago to 496,647 units. The stock rallied 7.30 percent to 21.76 yuan.


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