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Tire makers shrug off US tariffs

SHANGHAI'S key stock index almost remained unchanged today with a mixed performance from commodity producers, tire manufactures and financial companies.

The benchmark Shanghai Composite Index edged up 0.23 percent to 3,033.73 points, Turnover rose slightly to 160 billion yuan (US$23.53 billion) from 157 billion yuan. Gainers outnumbered losers 535 to 305 with 22 unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.81 percent to close at 1,049.72 points.

Tire producers remained strong after several companies said businesses were little affected by the United States' imposition of tariffs on shipped tires from China as exports to the US account for a small fraction of their total sales.

Double Coin Holdings Ltd soared by 10 percent daily limit to 20.9 yuan. It said in a filing to the Shanghai Stock Exchange that the tariff would have no impact on the company's revenue in the second half but it will closely monitor possible risks as it may hamper business expansion. Guizhou Tyre Co jumped 4.41 percent to 15.61 yuan.

"The United States tariffs on Chinese companies mainly targeted tires for commercial vehicles and light trucks while most listed tire makers only have a small presence in these areas," said Zhou Jian, an analyst from Guoyuan Securities Co.

Nonferrous metal producers advanced on higher US commodity futures.

Bucking the upward trend, financial shares dropped on concerns that price growth is excessive compared with likely corporate earnings.

China Construction Bank Crop, which surged 17.7 percent this month, fell 1 percent to 5.99 yuan and Sinolink Securities Co dropped 1.38 percent to 22.21 yuan.


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