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Shanghai shares dip ahead of economic data release

SHANGHAI'S key stock index closed loser in the morning session after financial shares and heavyweights showed mixed results as investors remained cautious ahead of the announcement of China's major macroeconomic figures of the third quarter on Thursday.

The benchmark Shanghai Composite Index was down 0.17 percent, or 5.24 points, to close at 3,066.45 points. Turnover dropped to 77.4 billion yuan(US$ billion) from yesterday's 94.9 billion yuan. Losers outnumbered gainers 572 to 298, and 41 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.24 percent to close at 1,076.03 points.

China Minsheng Banking Corp, the country's first privately owned lender, said third-quarter profit rose 18 percent from a year ago to 2.83 billion yuan among increasing household and corporate loans. Net income for the first nine months this year was 10.2 billion yuan. Its shares added 2.36 percent to 7.81 yuan.

Other banking shares showed mixed results. China Merchants Bank was up 1.85 percent to 17.04 yuan. Bank of China dropped 0.24 percent to 4.10 yuan. Shanghai Pudong Development Bank was down 0.31 percent to 22.74 yuan.

GD Midea Holding Co said it will sell a 69.47 percent stake of its washing machine unit for 720 million yuan of Wuxi Little Swan Co shares at 8.63 yuan per share. Both companies jumped the daily limit of 10 percent at Shenzhen Stock Exchange today. GD Midea closed at 19.03 yuan and Little Swan ended at 5.49 yuan.

Huaneng Power International Inc said it returned to profit in the third quarter as coal costs lowered. The nation's biggest listed electricity producer said profit rose to 2.17 billion yuan, compared with a net loss of 2.15 billion yuan a year ago. Its shares jumped 3.23 percent to 8 yuan.

Property developers were strong after record lending fueled sales in the first three quarters. China Vanke Co, the biggest listed domestic real estate developer, added 2.10 percent to 12.67 yuan. Gemdale Corporation advanced 3.27 percent to 16.76 yuan. Poly Real Estate Group rose 1.44 percent to 28.27 yuan.

Metal producers retreated from yesterday's gains. Jiangxi Copper was down 0.79 percent to 41.40 yuan. Shandong Gold Mining Co dropped 2.96 percent to 69.50 yuan. Aluminum Corporation of China Ltd lost 0.90 percent to 14.31 yuan.


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