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Smaller companies help prices to rise

SHANGHAI'S key stock index reversed morning losses and closed higher yesterday thanks to good performances by small and medium-sized companies.

The Shanghai Composite Index added 0.51 percent, or 10.6 points, to close at 2,093.45. Gainers outnumbered losers 731 to 136 while 11 remained unchanged. Turnover shrank to 72.2 billion yuan (US$10.62 billion), compared to 98.1 billion yuan on the previous trading day.

"Shares opened lower following the weak performance last week while companies with small capitalization outperformed and helped the market rally. The shrinking turnover indicated a wait-and-see attitude among investors," Wu Kongyin, an analyst from United Securities Co, said.

Steel producers were strong after Baosteel Group agreed to take control of Ningbo Iron & Steel Co.

Baoshan Iron & Steel Co suspended trading yesterday while Xinjiang Ba Yi Iron & Steel Co, another listed unit of Baosteel Group, surged 5.12 percent to 7.18 yuan. Inner Mongolia Bao Tou Steel Union Co soared 3.24 percent to 3.19 yuan.

Real estate developers also contributed to the rebound as Shanghai and some other cities showed signs of recovery in the property market. Poly Real Estate Group Co rose 5.68 percent to 18.42 yuan. Shanghai-based Shimao Co gained 2.54 percent to 8.06 yuan and Gemdale Corp was up 5.98 percent to 7.98 yuan.

Home appliance makers gained. TCL Corp, China's biggest television maker, added 2.16 percent to 3.31 yuan. Hisense Electric Co advanced 6.57 percent to 10.22 yuan.

Bucking the upward trend, Yunnan Copper Industry Co dropped 1.89 percent to 12.48 yuan and Tongling Nonferrous Metals Group Co sank 1.2 percent to 9.03 yuan.


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