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Strong real estate figures boost market

SHANGHAI'S key stock advanced nearly two percent to close above 2,300 points today with strong performances by real estate developers.

The Shanghai Composite Index was up 1.96 percent, or 44.30 points, to 2,305.78 points. Turnover was 138.6 billion yuan (US$20.3 billion). A total of 867 shares gained while 28 remained unchanged and only 16 dropped.

The Shenzhen Composite Index, which tracks the smaller domestic market, hiked 3.14 percent, or 23.38 points, to 767.44 points.

"It is so far too early to ignore the adverse effect of surrounding stock markets and we suggest the index may still remain in adjustment in the near future," said a research note by Galaxy Securities.

Real estate developers were strong after the China Securities Journal said a stimulus plan for the industry has been submitted to the nation's top economic planning agency for review. Poly Real Estate Group Co advanced 5.99 percent to 20.01 yuan. China Vanke Co, the nation's largest listed property developer, surged 4.65 percent to 8.10 yuan. China Merchants Property Development Co Ltd rallied 9.79 percent to 18.06 yuan.

PetroChina, the biggest component index, reversed the loss in the morning session and went up 0.44 percent to 11.43 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, edged up 0.69 percent to 8.70 yuan. Huadian Power International Co Ltd, decreased 0.37 percent to 5.41 yuan.

Banks and the financial sector were also strong. Industrial & Commercial Bank of China, the nation's biggest lender, edged 0.52 percent to 3.85 yuan. Bank of China was up 0.91 percent to 3.34 yuan. Shanghai Pudong Development Bank advanced 4.39 percent to 17.58 yuan. China Merchants Bank Co increased 2.50 percent to 14.76 yuan.

Haitong Securities, the nation's largest listed brokerage, was up 3.63 percent to 13.70 yuan. Sinolink Securities advanced 4 percent to 32.78 yuan.

Bank of Ningbo Co posted a 40-percent gain in profits for 2008 as a result of increased loans and lower taxes. Its shares climbed 5.15 percent to 9.18 yuan.
Xinjiang Hops Co, the beer maker, said its 2008 profit gained 7.9 percent to 78.3 million yuan. The stock added 1.42 percent to 5.73 yuan.

Shanghai Lengguang Industrial Co, the glass producer said its 2008 profit surged 66 percent to reach 87.5 million yuan. Its shares dipped 0.21 percent to 14.18 yuan.


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