Chinese shares close higher after Ping An fund-raising rumor quashed (2)

11:13, January 08, 2011      

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Ping An slumped 4.14 percent to 52.59 yuan on Thursday amid speculation the company needed to raise 30 to 40 billion yuan to replenish capital.

Banks led the gains. Industrial Bank rose 7 percent to 26.52 yuan while China Merchants Bank, the nation's sixth largest bank by market value, gained 2.71 percent to 13.25 yuan.

Real estate developers rallied. China Vanke Co., the nation's biggest property developer by market value, added 0.57 percent to finish at 8.89 yuan while Poly Real Estate Group Co., China's second largest property developer, edged 0.07 percent higher to 14.39 yuan.

Non-ferrous metal makers retreated. Jiangxi Copper Co., China's biggest producer of the metal, slumped 4.69 percent to 42.87 yuan. Yunnan Copper Co. dove 5.1 percent to finish at 26.81 yuan.

Source: Xinhua
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