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Shanghai stocks rise led by oil and coal producers

SHANGHAI'S stock market ended slightly higher in the morning session, powered by oil companies and coal producers. But the gain was limited as property developers and steel producers dropped.

The benchmark Shanghai Composite Index edged up 0.26 percent, or 8.57 points, to close at 3,291.46 points. Turnover was 103.3 billion yuan(US$15.1 billion). Losers outnumbered gainers 590 to 276, and 46 remained unchanged.

Oil prices advanced for a third day to US$79.14 a barrel yesterday as crude stockpiles dropped in the US. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, rose 2.92 percent to 12.68 yuan. PetroChina gained 1.37 percent to 14.03 yuan.

Banks showed mixed results after media reports said that China Construction Bank will carry out stricter rules on mortgage loans for housing buyers. China Construction Bank added 1.28 percent to close at 6.33 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, rose 0.91 percent to 5.55 yuan. Shanghai Pudong Development Bank dipped 0.54 percent to 23.91 yuan.

Baoshan Iron and Steel Co, China's biggest steel maker, lost 1.75 percent to 7.84 yuan. Wuhan Iron & Steel Co was down 1.44 percent at 8.22 yuan.

Coal producers remained strong as major ports reported drops in inventories. Zhengzhou Coal Industry & Electric Power Co advanced 4.04 percent to 13.90 yuan. Inner Mongolia Pinzhuang Energy Co rose 2.94 percent to 14.46 yuan. Datong Coal Industry was up 2.38 percent to 48.27 yuan.

Metal producers retreated from earlier gains. Zijin Mining Co dipped 0.71 percent to 9.82 yuan. Shandong Gold Mining Co lost 1.30 percent to 73.55 yuan. Jiangxi Copper Co dipped 0.89 percent to 42.41 yuan.

Property developers were also among the losers among speculation that preferential policies to stimulate the market might come to an end by the end of the year. China Vanke Co, the biggest listed domestic real estate developer, was down 0.49 percent at 12.12 yuan. Gemdale Corporation dropped 1.98 percent to 28.22 yuan.


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