SHANGHAI'S key stock index rose yesterday, snapping out of a three-day losing streak, as financial blue chips and property heavyweights strengthened.

The Shanghai Composite Index was up 0.47 percent to 2,262.79 points, easing the weekly loss to 3.69 percent - the biggest since December. This is the fourth straight losing week. The index has lost nearly two-thirds of its gains from the previous seven-week rally.

Market observers said blue chips could lead a future market advance considering their stable business performance and investment value.

The banking sector advanced following the earnings growth reported by major players. The Industrial and Commercial Bank of China, the world's largest bank by market value, added 1.17 percent to 4.33 yuan (69 US cents) after reporting its net income grew 25.55 percent last year. The Bank of China, the country's fourth-biggest, rose 2.06 percent to 2.98 yuan after posting a 18.93 percent rise in 2011 earnings.

The market will remain closed until Wednesday due to the Qingming Festival holiday.

Source:shanghaidaily