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Bank shares miss out on market reversal

By Louise Ho in Shanghai (Global Times)

09:10, February 21, 2013

Stocks in Shanghai and Shenzhen recovered some of their recent losses Wednesday as markets across Asia were lifted following rallies on Wall Street.

The benchmark Shanghai Composite Index soared 14.26 points, or 0.60 percent, to close at 2,397.18; while the Shenzhen Component Index edged up 94.94 points, or 0.99 percent, to finish at 9,645.87.

Both indices faltered in early trading as financial stocks teetered into losses, but upward momentum among environmental protection, medical and tourism shares later in the day gave the markets fuel to push into positive territory.

Environmental protection stocks found support on news Wednesday that the Ministry of Environmental Protection would earmark 350 billion yuan ($56.13 billion) for investment in eight projects aimed at improving air quality during the 12th Five-Year Plan period (2011-15). Beijing Capital Co and Tianjin Capital Environmental Protection Group Co both jumped past the 10-percent limit to 5.07 yuan and 6.18 yuan respectively.

Meanwhile, property developers clawed back some of the ground they had surrendered earlier in the week. Poly Real Estate Group Co tacked on 1.39 percent to 12.39 yuan.

Medical shares also ranked with the day's biggest winners. Zhejiang Hisoar Pharmaceutical Co shot above the 10-percent limit to 7.12 yuan.

The banking sector stood out as one of the markets' few losers in what was otherwise a broadly up day for A-shares. Shanghai Pudong Development Bank Co gave up 2.61 percent to 10.81 yuan.

Combined turnover at the two exchanges totaled 193 billion yuan Wednesday, down somewhat from Tuesday's total of 204.3 billion yuan.

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