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Stock index rises to 1-year high

SHANGHAI'S key stock index rose to a one-year high yesterday, led by shares of banks and property developers.

The Shanghai Composite Index edged up 0.1 percent, or 3.17 points, to close at 2,928.21. Turnover was 115.3 billion yuan (US$16.9 billion).

The barometer gained a total of nearly 1.7 percent, or 47.72 points, over the five trading days.

"The index will remain stable in the near future despite the relaunch of IPOs (initial public offerings), with growing turnover as well as investor confidence in the economic situation," Zhang Li, an analyst at Huatai Securities, wrote in a report.

China Pacific Insurance (Group) Co added 0.51 percent to 21.49 yuan but Ping An Insurance (Group) Co lost 0.26 percent to 46.92 yuan.

Banks were strong on speculation that new loans in China in June will cross 1 trillion yuan. The Industrial and Commercial Bank of China, the nation's biggest lender, advanced 2.02 percent to 5.55 yuan, Shanghai Pudong Development Bank jumped 3.79 percent to 22.44 yuan, China Construction Bank added 1.15 percent to close at 6.17 yuan and China CITIC Bank rose 0.67 percent to 6.03 yuan.

China Vanke Co, the biggest listed domestic real estate developer, added 1.12 percent to 12.60 yuan. Gemdale Corporation rose 1.81 percent to 15.78 yuan while Poly Real Estate Group climbed 3.15 percent to 29.79 yuan.

Metal producers lost, with Aluminum Corp of China Ltd off 1.08 percent to 11.94 yuan and Shandong Gold Mining Co Ltd down 1.38 percent to end at 56.39 yuan.


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