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Steel and coal cheer investors

SHANGHAI'S key stock index reversed morning losses and ended higher today, thanks to rallies by steel and coal producers.

The benchmark Shanghai Composite Index added 0.28 percent, or 7.52 points, to close at 2,652.78 points. Gainers outnumbered losers 493 to 328 while 27 remained unchanged. Turnover rose to 117.76 billion yuan (US$17.32 billion) from 106.6 billion yuan.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.73 percent to close at 892.23 points.

Shares opened lower after US markets ended their nine consecutive weekly gains and posted a loss last week across their three major indexes. But rallies of steel producers and nonferrous metal producers pushed the index up in the afternoon.

Kailuan Energy Chemical Co jumped 9.96 percent to 35.44 yuan. Datong Coal Industry Co surged 9.84 percent to 37.73 yuan. Pingdingshan Tianan Coal Mining Co soared 7.63 percent to 34.70 yuan. Yanzhou Coal Mining Co hiked 5.61 percent to 16.19 yuan.

Handan Iron & Steel Co advanced 3.54 percent to 4.97 yuan. Baoshan Iron & Steel Co edged up 0.64 percent to 6.33 yuan. Xinjiang Ba Yi Iron & Steel Co increased 1.49 percent to 9.55 yuan.

Bucking the upward trend, Gemdale Corporation retreated 2.12 percent to 16.15 yuan. China Merchants Property Development Co Ltd dived 3.93 percent to 28.10 yuan. Poly Real Estate Group Co tumbled 2.44 percent to 21.96 yuan. Shanghai Lujiazui Finance & Trade Zone plunged 2.17 percent to 25.19 yuan.

Sluggish heavyweights limited the rebound in today's trading. PetroChina, the biggest component index, slumped 1.52 percent to 12.97 yuan. Sinopec, Asia's largest refiner, declined 1.23 percent to 10.46 yuan.


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