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Manage China: Pork price drops for two weeks, vegetable prices soar China's Chery says it produces 1 millionth car China Southern Airlines orders 55 Boeing 737s China, Kazakhstan link on Caspian oil pipeline Bank of Communications soars as loans and fees take effect China invests 26.6% more in factory, property Resources China's first anti-monopoly law to be voted China to become U.S. third largest export market by year end China's central bank hikes interest rates NGO: 90 multinationals listed as polluters in China China to rectify and regulate drug market Collusion by noodle makers partly to blame for inflation surge Industry Chinese shares break 5,000-point mark China says US soy beans unsafe Shanghai stocks a step closer to 5,000 marks Shanghai stocks up as global markets rebound Domestic stocks slide over US housing-loan crisis Urban residents in Beijing occupy 20-sqm-house area per capita

Banks push Shanghai shares higher SHANGHAI, Aug. 24 -- SHANGHAI shares continued to rise today with the benchmark index hitting a new high as investors piled into large-cap financial and property plays on their rosy earnings prospects. The Shanghai Composite Index, which tracks yuan-backed A shares and hard-currency B chips, rose 1.49 percent to close at 5,107.67 after climbing as high as 5,125.36. Combined turnover in the local stock market was 167.7 billion yuan (US$22.2 billion), compared with 154.9 billion yuan recorded on Thursday. Losers slightly outnumbered gainers by 416 to 401. Industrial Bank Co shares jumped by the 10 percent daily cap to close the day at 57.56 yuan. The mid-sized lender's first-half profit more than doubled to 3.63 billion yuan. Huaxia Bank Co soared 6.97 percent to 20.42 yuan. Shanghai New Huangpu Real Estate Co rose 6.52 percent to 24.68 yuan. Baoshan Iron & Steel Co, China's largest steel maker, rose 6.27 percent to 17.63 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, edged up 0.58 percent to 6.99 yuan. It said late yesterday that first-half net profit rose 61 percent year on year to 41 billion yuan. Bank of China, the country's second largest lender, rose 0.98 percent to 6.16 yuan after saying its first-half net income increased by 51 percent from last year to 29.5 billion yuan. China Petroleum & Chemical Corp, Asia's biggest oil refiner, climbed 1.51 percent to 15.46 yuan. Nine analysts surveyed by Bloomberg News said today the firm's first-half net income will probably increase by 64 percent to 35.1 billion yuan. It is due to report results by August 27. Huadian Power International Corp, China's fourth biggest power generator, was up 0.72 percent at 8.38 yuan after saying first-half profits edged up 1.4 percent to 543.5 million yuan. Among the decliners, China United Telecommunications Corp, owner of the country's No.2 mobile-phone carrier, lost 0.57 percent to 6.99 yuan after posting a 21.2 percent drop in first-half net profit to 1.296 billion yuan.

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