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Ships and metals boost stock index

SHANGHAI'S key stock index ended higher today, led by shipping lines and metal producers on higher commodity prices.

The benchmark Shanghai Composite Index was up 1.38 percent, or 43.39 points, to close at 3,188.55 points. Turnover rose to 217.65 billion yuan (US$32 billion) from 178.3 billion yuan. Gainers outnumbered losers 537 to 302 and 29 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.83 percent to close at 1,077.85 points.

Shipping companies rose on increased demand for iron ore transportation. China COSCO Holdings Co, the world's largest operator of dry-bulk ships, surged by the 10 percent daily cap to 16.08 yuan. COSCO Shipping Co also hiked 10 percent to 12.32 yuan. China Shipping Container Lines Co expanded 6.83 percent to 4.85 yuan.

Steel producers gained on speculation higher steel prices will bolster earnings. Baoshan Iron & Steel Co, the nation's biggest steelmaker, added 1.46 percent to 8.36 yuan. Anyang Iron & Steel Inc jumped 2.74 percent to 5.63 yuan. Wuhan Iron and Steel Co was up 2.12 percent to 9.63 yuan. Handan Iron & Steel Co rose 1.54 percent to 6.6 yuan.

Automakers were among the gainers after the Ministry of Commerce said the subsidies to replace old cars and home appliances are expected to generate consumption worth 50 million yuan.

Shenyang Jinbei Automotive Co climbed 4.08 percent to 4.59 yuan. Dongfeng Automobile Co increased 4.05 percent to 5.39 yuan. Beiqi Foton Motor Co edged up 4.07 percent to 15.59 yuan.


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