| Blue-chips send market to new high |
BLUE-chip stocks performed well today, driving the Shanghai stocks to a new high with airlines leading the growth.
The Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, gained 0.99 percent, or 50.94 points, to close at 5,218.83.
The Shenzhen Composite Index, which covers the smaller mainland stock market, rose 1.25 percent, or 18.04 points, to 1,457.83.
Shanghai Airlines surged by the daily limit of 10 percent to 13.93 yuan (US$1.85) per share after it said it plans to order five Airbus planes.
China Southern Airlines rose 10 percent to 20.79 yuan after its unit Xiamen Airline Co bought 25 new Boeing Co planes valued at US$1.9 billion.
Air China Ltd, the world's biggest airline by market value, rose 10 percent to 19.20 yuan. Air China President Cai Jianjiang told reporters in Hong Kong earlier this week that the airline won't rule out the possibility of merging with rivals including China Southern.
Hainan Airlines Co rose 7.68 percent to 10.52 yuan. The company said first-half profit surged nine-fold on increasing demand for flights from tourists.
The central government's approval of Singapore Airlines Ltd's plans to buy a stake in China Eastern Airlines Corp also spurred the airliners.
Shanghai Electric Group Co surged 10 percent to 30.86 yuan after Shanghai Power, the China's biggest power-equipment maker, said it will issue 616 million domestic shares as part of its merger with Shanghai Power Transmission & Distribution Co.
The steel sector also reported widespread growth today.
Shanghai-based Baoshan Iron & Steel Co rose 5.18 percent to 18.49 yuan and Xinjiang Bayi Iron & Steel Group rose 4.96 percent to 13.11 yuan.
The non-ferrous metal sector rebounded in the afternoon.
Aluminum Corporation of China rose 1.01 percent to 52.05 yuan and Inner Mongolia-based Baotou Aluminum Co rose 1.81 percent to 62.38 yuan.
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