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Shanghai shares dip as a large IPO starts

SHANGHAI'S key stock index ended slightly lower as shares were weighed down by a major initial public offering on the Chinese mainland this year.

The benchmark Shanghai Composite Index dipped 0.33 percent, or 9.71 points, to close at 2,920.76 points. Turnover stood at 84.93 billion yuan (US$12.45 billion). Losers outnumbered gainers 606 to 242 and 26 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.15 percent to close at 1,001.3 points.

Metallurgical Corp of China's IPO in Shanghai started today to take subscriptions from investors. The company said yesterday that it plans to raise as much as 18.97 billion yuan in its IPO in Shanghai.

"Money frozen by the stock sale of the second-largest IPO this year hampered the upward trend of shares," Shandong Shenguang Securities Co wrote in a research note.

Industrial & Commercial Bank of China, the nation's biggest lender, dropped 1.43 percent to 4.83 yuan. Shanghai Pudong Development Bank was down 1.14 percent at 19.99 yuan. China Construction Bank decreased 1.55 percent to close at 5.72 yuan. Bank of Communications retreated 1.64 percent to 9.02 yuan.

Commodity producers advanced on higher metal and oil prices. Jiangxi Copper Co, the nation's biggest producer of the metal, climbed 4.98 percent to 39.62 yuan. PetroChina, the nation's biggest oil company and the biggest component of the index, added 0.22 percent to 13.44 yuan.


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