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Shanghai shares rose on stronger financial firms

SHANGHAI'S key stock index closed higher in the morning session, lifted by financial shares and other heavyweights, amid investors' optimism on the country's economic recovery.

The benchmark Shanghai Composite Index added 0.93 percent, or 28.18 points, to close at 3,066.45 points. Turnover rose to 93.9 billion yuan(US$13.7 billion) from yesterday's 64.8 billion yuan. Gainers outnumbered losers 507 to 346, and 58 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.66 percent to close at 1,065.20 points.

China Merchants Bank Co, the nation's fifth-largest bank by market value, said it had won shareholders' approval to raise no more than 22 billion yuan by placing 2.5 new shares shares for every 10 shares held to boost liquidity. The Chinese lender announced earlier it will buy Hong Kong's Wing Lung Bank Ltd for US$2.47 billion. Its shares hiked 3.88 percent to 16.60 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, rose 1.40 percent to 5.07 yuan. Shanghai Pudong Development Bank added 1.03 percent to 22.55 yuan. China Construction Bank was up 1.02 percent to close at 5.96 yuan.

China National Petroleum Corporation, parent of PetroChina, the nation's biggest oil producers, said yesterday that oil sales to institutional customers in the first three quarters rose 80 percent from a year ago. PetroChina added 1.32 percent to 13.78 yuan.

China Pacific Insurance (Group) Co Ltd rose 1.46 percent to 25.68 yuan. Ping An Insurance (Group) Co was up 1.42 percent at 58.65 yuan. China Life Insurance Co Ltd, the country's largest life insurance company, advanced 2.68 percent to 30.31 yuan.

Property developers reversed yesterday's gains. China Vanke Co, the biggest listed domestic real estate developer, almost remained unchanged at 12.35 yuan. Gemdale Corporation dipped 0.62 percent to 16.09 yuan. Poly Real Estate Group was down 0.57 percent at 27.86 yuan.

Metal producers showed mixed results. Jiangxi Copper rose 1.77 percent to 41.93 yuan. Yunnan Copper jumped 2.50 percent to 31.60 yuan. Aluminum Corporation of China Ltd was down 0.62 percent at 14.31 yuan.


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