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Chinese equities rise 1.1%, led by Sinopec, non-ferrous metals
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17:11, August 24, 2009

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China's equities rose for the third trading day as the benchmark index advanced 1.1 percent on Monday's close, led by China Petroleum and Chemical Corporation (Sinopec) and non-ferrous metals.

The benchmark Shanghai Composite Index rose 32.66 points, to finish at 2,993.43. The Shenzhen Component Index added 1.55 percent, or 183.78 points, to end at 12,075.80.

Combined turnover expanded to 218.87 billion yuan (32.05 billion U.S. dollars) from 217.6 billion yuan on the previous trading day.

Gainers outnumbered losers by 711 to 137 in Shanghai and 655 to85 in Shenzhen. A total of 60 stocks rose by the daily limit during Monday's trading in Shanghai and Shenzhen.

The benchmark index opened slightly higher in the morning, driven up by tourism, pharmaceuticals, and military sectors, rising above 3,000 points in the afternoon.

China Petroleum and Chemical Corporation (Sinopec), Asia's biggest oil refiner, advanced 2.21 percent to end at 13.39 yuan after its profit surged. The company said Sunday its first-half net profit rose 332.8 percent year on year to 33.25 billion yuan because of adjusted refined oil prices in the domestic market. It predicted its net profit for the first three quarters would rise more than 50 percent year on year for the same reasons.

Non-ferrous shares performed well with Sichuan Western Resources Holding Co., and Wuhu Jingcheng Copper Share Co., rising by the daily limit to close at 31.88 yuan and 14.63 yuan, respectively. Jiangxi Copper Co., the country's largest producer of the metal, surged 6.89 percent to finish at 39.43 yuan.

At Aug. 22, China's 1,057 listed companies have shown improvement on a quarterly basis because of the government's stimulus packages. Net profits of 1,048 companies topped 136.54 billion yuan in the second quarter of this year, up 23 percent from the first quarter, the Shanghai Securities News reported Monday


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