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Strong shipbuilders boost Shanghai market

SHANGHAI'S key stock index reversed the drop in the morning session and closed only slightly lower with strong performances by shipbuilders.

The benchmark Shanghai Composite Index dipped 0.56 percent, or 12.73 points, to close at 2,248.09 points. Turnover was 142.1 billion yuan (US$20.8 billion). Gainers outnumbered losers 517 to 344 and 47 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.94 percent, or 6.72 points, to close at 723.12 points.

"The index may climb above 2,300 points after a short period of adjustment and the rebound trend will last in the near future. The electronics and IT sectors are expected to outperform other stocks with more stimulant measures to be announced," according to a research note by Golden Sun Securities.

PetroChina, the biggest component index, slid 1.21 percent to 11.47 yuan. Shanxi Coking Co Ltd was down 2.64 percent to 6.27 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, buckled 2.16 percent to 8.59 yuan.

Baoshan Iron and Steel Co, China's biggest steel maker, lowered 1.89 percent to 5.71 yuan. Angang Steel Co Lted tumbled 3.56 percent to 8.41 yuan.

Shipbuilders were among the gainers as the State Council announced yesterday that it would ban new shipyards for three years to support domestic shipbuilders faced with plunging demand. China State Shipbuilding Co, the country's largest shipbuilder, surged the daily limit of 10 percent to close at 58.48 yuan. Both Guangzhou Shipyard International Co Ltd and CSSC Jiangnan Heavy Industry Co Ltd also hiked the daily limit of 10 percent. Guangzhou Shipyard closed at 20.89 yuan and CSSC Jiangnan ended at 15.70 yuan.

China Construction Bank, the country's second-largest bank, said it plans to sell 40 billion yuan of subordinated bonds next week. Its shares buckled 2.71 percent to 4.31 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, lost 1.52 percent to 3.89 yuan. Shanghai Pudong Development Bank slid 3.59 percent to 16.93 yuan.

China Railway Construction Corp said it has won a US$1.8-billion contract to lay 18 kilometers of railway line in Saudi Arabia. The stock was up 1.37 percent to 10.38 yuan.

Shenzhen Development Bank said it would set aside 5.6 billion yuan in provision against non-performing loans of the fourth quarter. Its shares tumbled 3.77 percent to 13.28 yuan.


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