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Shanghai shares rise on stronger banks

SHANGHAI'S key stock index rose more than 2 percent in the morning session, driving the gauge towards a monthly gain, as lenders advanced after reporting stronger third-quarter profits.

The Nasdaq-style Growth Enterprise Market kicked off trading today with blistering gains, beating expectations. Anhui Anke Biotechonology (Group) Co was the biggest gainer, rising 226.5 percent to close the morning at 55.5 yuan.

The first batch of 28 start-up companies made their debut on GEM, part of the Shenzhen Stock Exchange, with share price gains all more than doubling from their initial public offering prices.

The benchmark Shanghai Composite Index gained 2.13 percent, or 62.99 points, to close at 3,023.46 points. Turnover stood at 60.8 billion yuan (US$8.9 billion). Gainers outnumbered losers 852 to 19, and 5 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 2.26 percent to close at 1,067.51 points.

Lenders led gains. Industrial & Commercial Bank of China, the nation's biggest lender, increased 2 percent to 5.05 yuan after reporting third-quarter profit climbed 19 percent from a year earlier to 33.6 billion yuan. Bank of China rose 1.8 percent to 4.04 yuan after profit in the third quarter gained 19 percent to 21.1 billion yuan.

Shanghai Pudong Development Bank climbed 3.1 percent to 22.24 yuan. China Construction Bank added 1.6 percent to close at 5.88 yuan. Bank of Communications jumped 2.1 percent to 8.66 yuan.


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