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Stocks soar on May data

SHANGHAI'S key stock index advanced to a ten-month high today after the macroeconomic data for May was released in the morning.

The benchmark Shanghai Composite Index added 1.02 percent, or 28.36 points, to close at 2,816.25 points. Turnover was 144.1 billion yuan (US$21.1 billion). Gainers outnumbered losers 616 to 219 and 63 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.24 percent to close at 932.13 points.

China's Consumer Price Index, the main gauge for inflation, was down 1.4 percent from a year earlier. The index fell for the fourth consecutive month, according to the National Bureau of Statistics. the Producer Price Index retreated 7.2 percent from the year-earlier period.

Banks had mixed results. China Construction Bank edged up 0.57 percent to 5.30 yuan. Bank of China was up 0.51 percent to 3.96 yuan. Bank of Communications added 1.01 percent to 7.99 yuan. Shanghai Pudong Development Bank lost 1.50 percent to 21.00 yuan. Industrial Bank Co Ltd dipped 0.57 percent 31.33 yuan.

China Life Insurance Co Ltd rose 0.72 percent to 26.49 yuan. China Pacific Insurance (Group) Co Ltd advanced 3.93 percent to 20.46 yuan. Haitong Securities added 0.86 percent to 16.38 yuan.

Steel producers were among the gainers. Baoshan Iron and Steel Co, China's biggest steel maker, rose 0.58 percent to 6.91 yuan. Ningxia Hengli Steel Wire Rope Co Ltd surged the daily limit of 10 percent. Nanjing Iron and Steel Co Ltd hiked 8.06 percent to 5.23 yuan. Angang Steel Co Ltd advanced 4.78 percent to 12.50 yuan.

Real estate developers were weak. Poly Real Estate Group buckled 5.04 percent to 24.31 yuan. China Vanke Co, the nation's biggest listed property developer, lost 1.23 percent to 11.22 yuan. Gemdale Corporation dipped 0.63 percent to 14.30 yuan.


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