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Stocks pass 3,000-point barrier

SHANGHAI'S key stock index closed more than 1 percent higher and passed the 3,000 points barrier today, led by real estate developers.

The benchmark Shanghai Composite Index added 1.65 percent, or 48.79 points, to close at 3,008.15 points, after touching a low of 2,947.69 points. It is the first time the local benchmark index has passed the 3,000 points barrier since June 2008.

Gainers outnumbered losers 619 to 224 while 26 remained unchanged. Turnover rose to 153.79 billion yuan (US$22.62 billion) from 143.7 billion yuan on the previous trading day.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.58 percent to close at 977.46 points.

Shanghai-based Shimao Property Co surged by the 10 percent daily cap to 16.05 yuan. Gemdale Corp, a Chinese partner of ING Group NV, jumped 4.84 percent to 16.90 yuan. Poly Real Estate Group Co, China's second-largest developer by market value, soared 3.84 percent to 28.96 yuan.

Steel producers rebounded. Baoshan Iron & Steel Co, the country's largest steelmaker, gained 4.4 percent to 7.35 yuan. Wuhan Iron & Steel Co inched up 2.28 percent to 8.06 yuan and Angang Steel Co, China's second-biggest steel maker, hiked 8.04 percent to 14.25 yuan.

Insurers led the financial sectors in the morning trading. China Pacific Insurance (Group) Co advanced 5.05 percent to 23.51 yuan. Ping An Insurance (Group) Co increased 5.68 percent to 52.27 yuan. China Life Insurance Co expanded 3.56 percent to 28.53 yuan.

Shanghai Pudong Development Bank Co climbed 4.87 percent to 24.14 yuan. China Merchants Bank Co increased 2.77 percent to 23.03 yuan. Bank of China edged up 3.12 percent to 4.63 yuan. Bank of Communications Co was up 5.77 percent to 9.53 yuan.


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