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By Jin Jing
SHANGHAI stocks rose to another record for a ninth consecutive day yesterday with the benchmark breaking the 3,500 points on the back of rosy gains by blue chips.
The Shanghai Composite Index, which groups yuan-denominated A shares and hard currency B chips, advanced 1.02 percent, or 35.81 points, to close at 3,531.03.
But the total transaction value dipped on market concerns of a possible correction after a strong rally over the past few weeks. The market recorded 145.02 billion yuan (US$18.83 billion) in trading yesterday against 157.10 billion yuan on Wednesday.
"Despite government efforts to prevent the stock market from being overheated, individual investors were snapping up blue chips," said an analyst, who wanted to be known as Chen, at Shenyin Wanguo Securities Co Ltd.
The China Securities Regulatory Commission yesterday extended the period for mutual funds to inject money into the market from 10 days to three months as a way to slow capital going in.
Blue chips took the lead among gainers with a mixed performance in the banking sector.
Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.54 percent to close at 5.56 yuan while China Merchants Bank, the nation's third-biggest publicly traded lender, added 0.1 percent to 19.15 yuan.
China United Telecommunications Corporation Ltd, the nation's second-largest mobile operator, tumbled 1.2 percent to 5.4 yuan while China Petroleum & Chemical Corp, Asia's top refiner and known as Sinopec, added 0.44 percent to 11.37 yuan.
Shares in the machinery and ferrous metals sectors also advanced after reporting good earnings reports.
Sany Heavy, China's biggest maker of machinery for handling concrete, jumped 3.31 yuan, or 6.1 percent, to 58.02 yuan after the company said first-quarter profit rose surged more than 500 percent.
Hudong Heavy Machinery Co, China's biggest maker of diesel engines for ships, rose 1.41 yuan, or 1.5 percent, to end at 98.92 yuan.
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