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Stock market edges up

SHANGHAI'S key stock index ended slightly higher today, led by property developers after six straight months of home price rises, fanning optimism on improved earnings.

The benchmark Shanghai Composite Index added 0.46 percent, or 14.97 points, to close at 3,264.73 points. Turnover continued to drop to 122.59 billion yuan (US$18.03 billion) from 153.09 billion yuan on Monday. Gainers outnumbered losers 554 to 297 and 24 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.79 percent to close at 1,100.79 points.

Poly Real Estate Group Co, the nation's second-largest developer by market value, increased 0.89 percent to 25.99 yuan. Gemdale Corp climbed 0.98 percent to 16.44 yuan. Shanghai-based Shimao Co increased 1.63 percent to 16.24 yuan. Shanghai Lujiazui Finance & Trade Zone jumped 4.68 percent to 30.65 yuan.

Bank of China increased 0.46 percent to 4.36 yuan. China Merchants Bank Co edged up 0.06 percent to 17.85 yuan. Bank of Communications Co gained 0.17 percent to 6 yuan. Industrial and Commercial Bank of China edged up 0.39 percent to 5.1 yuan.

On the losing side, Wuhan Iron and Steel Co was down 0.93 percent to 10.6 yuan. Handan Iron & Steel Co dipped 0.43 percent to 16.23 yuan. Inner Mongolia Bao Tou Steel Union Co dropped 2.21 percent to 5.32 yuan.


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