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A-shares up after historic Dow finish

By Louise Ho (Global Times)

08:35, March 07, 2013

Stock markets on the Chinese mainland notched victory again Wednesday as a banner day on Wall Street and expectations of policy support from the National People's Congress kept investor confidence running high.

The Shanghai Composite Index finished at 2,347.18 after surging 20.87 points, or 0.90 percent; while the Shenzhen Component Index rose 89.82 points, or 0.96 percent, to close at 9,431.17.

Both indices opened higher after the Dow Jones Industrial Average charged to a new record high of 14,253.77 overnight. Trading was tight for most of the day though as drops in the financial and coal sectors offset advances in liquor and non-ferrous metal shares.

Pesticide and chemical fertilizer stocks were the day's biggest winners. Zhejiang Xinan Chemical Industrial Group Co surged by the 10-percent daily limit to 12.63 yuan ($2.03).

Most electronic component, media and entertainment shares put respectable gains under their belts as well. Bejing-based BOE Technology Group Co jumped ahead to the daily limit to end at 2.48 yuan. Media bigwig Beijing Enlight Media Co, which saw its shares shed 1.25 percent Tuesday following reports that it was being sued for copyright violations, rose by the daily limit Wednesday to 36.49 yuan.

Meanwhile, several of China's embattled property developers were able to claw back again Wednesday as the State Council's latest control policies on the housing market lost their initial sting. Gemdale Corp added 0.63 percent to 6.40 yuan.

Among the day's losers, environmental protection shares sagged following their run-up earlier in the week. Yonker Environmental Protection Co lost 2.45 percent to 35.10 yuan.

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