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Shanghai stocks rise as CPI, PPI decline

SHANGHAI'S key stock index closed higher in morning trading after positive macroeconomic data was announced today.

The benchmark Shanghai Composite Index was up 0.45 percent, or 12.49 points, to close at 2,800.38 points. Turnover was 74.6 billion yuan (US$10.9 billion). Gainers outnumbered losers 495 to 344 and 69 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.81 percent to close at 928.11 points.

China's Consumer Price Index, the main gauge of inflation, dropped 1.4 percent from a year earlier. The index has fallen for the fourth consecutive month, according to the National Bureau of Statistics. The Producer Price Index retreated 7.2 percent from the year-earlier period.

Financial shares showed mixed results. China Construction Bank edged up 0.19 percent to 5.28 yuan. Bank of China dipped 0.25 percent to 3.93 yuan. Bank of Communications rose 1.01 percent to 7.99 yuan. Shanghai Pudong Development Bank lost 1.69 percent to 20.96 yuan.

China Life Insurance Co Ltd was up 0.42 percent to 26.41 yuan. China Pacific Insurance (Group) Co Ltd advanced 2.52 percent to 20.36 yuan. Haitong Securities edged up 0.49 percent to 16.32 yuan.

Real estate developers were weak. Poly Real Estate Group lost 2.34 percent to 25.00 yuan. China Vanke Co, the nation's biggest listed property developer, was down 0.70 percent to 11.28 yuan. Gemdale Corporation dipped 0.42 percent to 14.33 yuan.


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