| Shanghai stock index sets new record |
SHANGHAI, July 30 -- SHANGHAI'S key share index reached a new high today boosted by investor expectations of strong corporate profits.
The Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B chips, rose 2.2 percent to close at 4,440.77. The benchmark's previous record of 4,346.46 was set on Thursday.
The Shenzhen Composite Index, which covers the smaller mainland stock market, gained 2.3 percent to 1,274.93.
Baoshan Steel, China's biggest steel maker, rose 6.98 percent to 13.49 yuan (US$1.78) per share after it reported profit jumped 18 times in the first half.
Angang Steel surged 9.86 percent to 24.39 yuan as its profits in the first half of this year jumped 20 times.
Wuhan Iron & Steel Group has agreed to buy Kunming Iron & Steel Group to secure raw material supplies and increase exports to Southeast Asia, China Iron and Steel Association's Vice Chairman Luo Bingsheng said in Beijing today.
The group's listed arm, Wuhan Iron & Steel Co, China's fifth-biggest steel maker by output, climbed 7.1 percent to 12.25 yuan.
China Vanke, the country's biggest listed developer, gained 4.36 percent to 28.49 yuan.
China Life, the country's biggest insurer, gained 3.21 percent to 48.51 yuan per share after the country's biggest insurer said its first-half profits may more than double on business growth and investment returns.
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