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Stock index enjoys morning gain

SHANGHAI'S key stock index closed slightly higher in the morning session.

The benchmark Shanghai Composite Index edged up 0.46 percent, or 12.15 points, to close at 2,630.32 points as of 11:30am. Turnover was 72.9 billion yuan (US$10.66 billion). Gainers outnumbered losers 471 to 358 and 79 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.82 percent to close at 879.35 points.

PetroChina, the biggest component index, advanced 2.00 percent to 12.78 yuan.

Coal producers remained strong in the morning trading. Shanxi Coking Co Ltd gained 4.03 percent to 7.48 yuan. Zhengzhou Coal Industry & Electric Power Co Ltd rose 3.73 percent to 8.90 yuan. Shanxi Antai Group Co Ltd hiked 5.53 percent to 6.87 yuan.

Banks showed mixed results. Industrial & Commercial Bank of China, the nation's biggest lender, lost 0.46 percent to 4.30 yuan. Bank of China was down 0.55 percent to 3.61 yuan. Shanghai Pudong Development Bank dipped 0.16 percent to 25.35 yuan. China Merchants Bank Co, the nation's fifth-largest bank by market value, edged up 0.28 percent to 17.60 yuan.

Airline companies were among the losers. Air China, the biggest carrier by market value, dropped 2.67 percent to 6.55 yuan. China Southern Airlines Co Ltd dipped 0.75 percent to 5.28 yuan. China Eastern Airlines Corp, the nation's third-largest carrier by fleet size, lost 1.30 percent to 5.32 yuan.

The Baltic Dry Index, the main gauge for freight of dry bulk goods, has gained 49 percent in the past five weeks. "It is still not clear how dry bulk goods handlers and shipping companies will perform in the future and some of the shares are over valued," according to a research report by China International Capital Co Ltd.

China Shipping Development Co Ltd was down 1.04 percent to 13.28 yuan. Shanghai International Port (Group) Co lost 1.19 percent to 5.82 yuan. China Shipping Container Lines Co Ltd dipped 0.96 percent to 4.12 yuan.


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