| Stocks gain as recent declines judged excessive |
SHANGHAI, July 3 -- CHINESE mainland's stocks rose slightly at closure today, Bloomberg said. Ping An Insurance (Group) Co and Suning Appliance Co climbed as investors judged recent declines excessive.
The Shanghai Composite Index, which tracks the bigger of mainland's stock exchanges, rose 1.7 percent to 3,899.72. The Shenzhen Composite Index, which covers the smaller one, added 2 percent to 1,101.57.
Ping An Insurance, China's second-biggest insurer, gained 2.20 yuan (29 US cents), or 3.2 percent, to 71.88 yuan. It lost 8.5 percent over the past three days. The company in June said premiums rose 19 percent in the first five months from a year earlier.
China Vanke, the biggest listed property developer, gained 0.77 yuan, or 4.1 percent, to 19.41 yuan. Gemdale Corp, a Chinese developer that's partnered with ING Group NV, added 0.56 yuan, or 1.7 percent, to 33.56 yuan. Industrial & Commercial Bank of China Ltd, the largest listed bank, rose 0.14 yuan, or 2.8 percent, to 5.20 yuan.
The yuan rose for a fourth day, breaching 7.60 for the first time since a peg to the dollar was dropped in July 2005.
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