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Stocks finish higher on smaller turnover

SHANGHAI'S key stock index ended higher today on better first-half profits.

The benchmark Shanghai Composite Index rose 1.78 percent, or 51.79 points, to close at 2,967.59 points. Turnover shrank to 143.73 billion yuan (US$21.14 billion) from 160.9 billion yuan. Gainers outnumbered losers 811 to 50 and 5 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, gained 2.84 percent to close at 1,003.27 points.

Poly Real Estate, China's second-largest listed developer by market value, led property developers up after reporting first-half net income rose 35 percent from a year earlier to 1.4 billion yuan. Poly added 2.24 percent to 24.69 yuan.

Shanghai Lujiazui Finance & Trade Zone jumped 3.41 percent to 24.25 yuan, Shanghai-based Shimao Co climbed 2.5 percent to 13.93 yuan and Gemdale Corporation was up 2.08 percent to 14.2 yuan.

China Vanke Co, the biggest listed property developer, advanced 2.43 percent to 10.95 yuan.

Airlines were strong as Air China, the nation's largest international carrier, reported its first-half profit more than doubled to 2.88 billion yuan from a year earlier on fuel price hedging gains.

Air China surged by the 10 percent daily cap to 7.92 yuan, China Southern Airlines Co expanded 8.22 percent to 5.66 yuan and Hainan Airlines Co soared 8.44 percent to 4.88 yuan.
China Eastern Airlines hiked 5.05 percent to 5.62 yuan and Shanghai Airlines edged up 4.61 percent to 6.13 yuan.


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