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Shares rise as turnover swells to nearly 175b yuan

SHANGHAI'S key stock index ended higher today.

The benchmark Shanghai Composite Index added 0.19 percent, or 4.93 points, to close at 2,597.45 points. Losers outnumbered gainers 575 to 293 while 11 did not change. Turnover climbed to 174.95 billion yuan (US$25.73 billion) from 154.74 billion yuan yesterday.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.6 percent to close at 878.18 points.

Shanghai-based property developers gained on the central government's plan to merge Shanghai's Nanhui District into Pudong New Area as a part of its initiative to build Shanghai into a major international financial and shipping hub. Nanhui, with an area of 677 square kilometers, would provide new opportunities for these developers, analysts said.

Shanghai Jinqiao Export Processing Zone jumped 3.44 percent to 16.24 yuan. Shanghai Zhangjiang Hi-tech Park Development Co inched up 0.9 percent to 15.73 yuan. Shanghai Waigaoqiao Free Trade Zone advanced 2.13 percent to 16.33 yuan.

However, other property developers tumbled after continuous gains in previous trading days. Shanghai-based Shimao Co dipped 0.53 percent to 13.04 yuan. Poly Real Estate Group Co retreated 0.1 percent to 20.74 yuan. Shanghai Lujiazui Finance & Trade Zone slid 1.59 percent to 26.04 yuan.

Lenders reversed morning losses and contributed to the gain. Bank of Communications Co added 2.56 percent to 7.22 yuan. China Construction Bank Corp climbed 1.99 percent to 4.61 yuan. Shanghai Pudong Development Bank Co increased 0.45 percent to 24.6 yuan.

Airliners were among the losers. Air China dived 4.97 percent to 6.89 yuan. China Southern Airlines Ltd slumped 4.19 percent to 5.49 yuan. Hainan Airlines Co shed 4.42 percent to 5.4 yuan. China Eastern Airlines Corp declined 0.6 percent to 4.99 yuan.


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