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Shanghai shares closed flat in the morning

SHANGHAI'S market remained almost unchanged in the morning session with flat trading after a government official said stimulus measures for buying property might be cut off at the end of the year.
The benchmark Shanghai Composite Index edged up 0.09 percent, or 2.72 points, to close at 3,131.26 points. Turnover was 80.8 billion yuan(US$11.8 billion). Losers outnumbered gainers 456 to 388, and 68 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.44 percent to close at 1,107.47 points.
Wang Juelin, director of the research center at the Ministry of Housing and Urban-Rural Development, was quoted by the National Business Daily as saying that stimulus measures including a cut in mortgage interest rates and exemption of the deed tax might come to an end as the country's economic situation is recovering.
"The property market has revived compared with the beginning of the year and China is likely to achieve an 8-percent GDP growth in this year," Wang was quoted as saying.
Banking shares showed mixed results. Shanghai Pudong Development Bank was down 0.55 percent at 23.54 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, added 1.15 percent to 5.26 yuan. China Merchants Bank dropped 0.85 percent to close at 18.75 yuan. Bank of Communications lost 0.67 percent to 8.94 yuan.
Shanghai Lujiazui Finance & Trade Zone Development Co, edged up 0.07 percent to 29.19 yuan. China Vanke Co, the biggest listed domestic real estate developer, was up 0.09 percent to 11.76 yuan. Poly Real Estate Group dipped 0.04 percent to 26.20 yuan.
Zhejiang Hisun Pharmaceutical Co said it has signed a five-year contract with Intervet Inc to produce a veterinary drug which it estimates could generate US$20 million sales per year. The shares surged 7.67 percent to 23.43 yuan.
Zhongjin Gold Corp said it had won in bidding for three mining units owned by its parent group. The company will pay 745 million yuan for complete control of two units and 60 percent stake for the third one. The stock was down 0.51 percent to 59.04 yuan. Metal producers retreated from yesterday's gains. Yunnan Copper Co lost 1.30 percent to 31.78 yuan. Jiangxi Copper dipped 1.46 percent to 39.71 yuan. Shandong Gold Mining Co decreased 1.26 percent to 68.91 yuan.


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