Market enjoys uplifting morning

By Joyce Pan  |   2009-7-1  |     ONLINE EDITION

SHANGHAI'S key stock index ended nearly 1 percent higher in the morning session, led by real estate developers.

The benchmark Shanghai Composite Index added 0.9 percent, or 26.73 points, to close at 2,986.09 points, after touching a low of 2,947.69 points. Gainers outnumbered losers 541 to 288 while 40 remained unchanged. Turnover reached 71.72 billion yuan (US$10.55 billion) at midday.

Shanghai-based Shimao Property Co surged by 10 percent daily cap to 16.05 yuan. Gemdale Corp, a Chinese partner of ING Group NV, jumped 6.45 percent to 17.16 yuan. Poly Real Estate Group Co, China's second-largest developer by market value, soared 4.73 percent to 29.21 yuan.

Steel producers rebounded. Baoshan Iron & Steel Co, the country's largest steelmaker, gained 2.13 percent to 7.19 yuan. Wuhan Iron & Steel Co inched up 0.89 percent to 7.95 yuan and Angang Steel Co, China's second-biggest steel maker, hiked 5.23 percent to 13.88 yuan.

Insurers led the financial sectors up in the morning trading. China Pacific Insurance (Group) Co advanced 3.66 percent to 23.2 yuan. Ping An Insurance (Group) Co increased 4.79 percent to 51.83 yuan. China Life Insurance Co expanded 2.72 percent to 28.3 yuan.

Shanghai Pudong Development Bank Co climbed 3.26 percent to 23.77 yuan. China Merchants Bank Co increased 1.96 percent to 22.85 yuan. Bank of China edged up 1.11 percent to 4.54 yuan. Bank of Communications Co was up 3 percent to 9.28 yuan.