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Shanghai shares rise led by media and property counters

SHANGHAI'S main stock gauge edged up in the morning session, with technology and media-related shares hiking after news reports said a trial to bind telephone, Internet and television services may start in the first half of this year.

The benchmark Shanghai Composite Index was up 0.13 percent, or 4.08 points, to close at 3,054.56 points. Turnover was 61.8 billion yuan(US$9 billion). Gainers outnumbered losers 487 to 371, and 60 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.44 percent to close at 1,175.60 points.

The Xinhua news agency cited the Minister of Industry and Information Technology as saying that trail operations of networks that combine telecommunication services and Internet are expected to be launched in June.

Ningbo Kangqiang Electronics Co surged the daily limit of 10 percent to 12.41 yuan. ZTE Corporation jumped 1.11 percent to 13.64 yuan. China Television Media rose 0.66 percent to 19.80 yuan.

Banks showed mixed results. Industrial & Commercial Bank of China, the nation's biggest lender, was down 0.41 percent to 4.86 yuan. Shanghai Pudong Development Bank added 0.78 percent to 21.84 yuan. China Construction Bank edged up 0.18 percent to 5.62 yuan.

Property shares also lifted the index. China Vanke Co, the biggest listed domestic real estate developer, added 1.59 percent to 9.59 yuan. Gemdale Corporation rose 1.37 percent to 14.07 yuan. Poly Real Estate Group advanced 2.55 percent to 20.92 yuan.

Metal producers retreated from earlier gains. Zijin Gold Mining Co lost 0.36 percent to 8.29 yuan. Yunnan Copper Co dipped 0.19 percent to 25.68 yuan. Jiangxi Copper Co was down 0.31 percent to 34.85 yuan.


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