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Shanghai stocks rise powered by steel and coal firms

SHANGHAI'S stock market closed higher in the morning session lifted by steel companies and coal producers.

The benchmark Shanghai Composite Index edged up 0.41 percent, or 12.23 points, to close at 2,998.83 points. Turnover eased to 42.7(US$6.25) from yesterday's 50.1 billion yuan. Gainers outnumbered losers 702 to 148, and 64 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.74 percent to close at 1,111.86 points.

Baoshan Iron and Steel Co, China's biggest steel maker, rose 1.74 percent to 7.62 yuan. Wuhan Iron & Steel added 1.19 percent to 6.83 yuan.

Anhui Hengyuan Coal Industry and Electricity Power Co rose 1.74 percent to 29.82 yuan. China Shenhua Energy Co, the nation's largest coal producer, edged up 0.88 percent to 29.76 yuan.

The China Banking Regulatory Commission urged banks to strengthen credit management and strictly control non-performing loans, according to a statement on its Website yesterday. It also called on banks to ensure a "balanced and steady" credit growth.

Shanghai Pudong Development Bank lost 0.65 percent to 19.73 yuan. Bank of Communications withdrew 1.65 percent to 8.37 yuan. China Construction Bank dipped 0.18 percent to 5.65 yuan.

Property firms closed mixed. China Vanke Co, the biggest listed domestic real estate developer, edged up 0.11 percent to 9.30 yuan. Shanghai Shimao Co Ltd was up 0.36 percent to 14.09 yuan. Poly Real Estate Group dipped 0.05 percent to 18.96 yuan. China Merchants Property Development Co Ltd lost 0.23 percent to 21.58 yuan.

The consumer sector bucked the downward trend. Shanghai New World Co rose 1.53 percent to 15.92 yuan. Shanghai Bailian Group Co advanced 1.99 percent to 17.94 yuan. Shanghai Join Buy Co was up 1.26 percent to 10.42 yuan.

Commodity counters remained weak after crude oil fell 1.4 percent to a five-week low in New York. Jiangxi Copper Co lost 1.11 percent to 33.99 yuan. Zijin Mining Co dipped 0.48 percent to 8.38 yuan. Yunnan Copper Co retreated 2.38 percent to 24.97 yuan.


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