Shanghai shares up on better US data

SHANGHAI'S key stock index rose in the morning taking cue from strong performance of the US stock market on encouraging consumer data. The benchmark Shanghai Composite Index added 0.99 percent to 2,602.02 points. Turnover dipped to 42.3 billion yuan (US$6.62 billion) from yesterday morning's 44.8 billion yuan. The Dow Jones Industrial Average rose 2.26 percent yesterday after data showed that damage of hurricane Irene was lower than expected and US consumer spending rebounded to a five-month high in July. Brokerages led the gainers after earning reports showed all listed firms made profits in the first half. Combined profits of 17 listed brokerages hit 13.4 billion yuan, market watchers said. Everbright Securities Co jumped 2.4 percent to 11.82 yuan. GF Securities rose 1.5 percent to 32.27 yuan. Banks rebounded. China CITIC Bank Corp added 1.1 percent after reporting profits in the first half rose 40 percent from a year earlier to 15 billion yuan. China Construction Bank rose 1.8 percent to 4.58 yuan after the Bank of America Corp agreed to sell 13.1 billion shares for US$8.3 billion.

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