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Shanghai shares rise on a smaller decline in exports

SHANGHAI'S key stock index rose more than 2 percent in the morning session after China reported that exports declined at a slower pace last month, easing concerns the country's economic recovery will be hampered by lackluster global demand.

The benchmark Shanghai Composite Index added 2.13 percent to 2,998.71 points. Turnover stood at 72.8 billion yuan (US$10.7 billion). Gainers outnumbered losers 799 to 68, with 17 stocks unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.73 percent to close at 1,030.83 points.

Shipments from China dropped 15.2 percent in September from a year earlier, the customs bureau said on its Website today. That compared with a 23.4 percent slide in August.

PetroChina, the nation's biggest oil company, climbed 3.1 percent to 13.53 yuan, and China Petroleum & Chemical Corp, the second largest, surged 3.8 percent to 12.19 yuan after crude oil rose to a seven week high.

Zijin Mining Group Co, the country's largest gold producer, added 1.3 percent to 9.7 yuan. Zhongjin Gold Corp, the second biggest by market value, gained 1 percent to 61.35 yuan.

Gold reached a record of US$1,069.70 an ounce in New York yesterday.

Gemdale Corp advanced 6.6 percent to 14.78 yuan after saying property sales jumped 91 percent for the first nine months.


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