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Shanghai stocks up 0.14% today on stable liquidity

SHANGHAI stocks rebounded from morning losses today, after the central bank skipped open market operations for the sixth day in a row, citing "relatively high" liquidity levels in the banking system.

The benchmark Shanghai Composite Index edged 0.14 percent to 3,192.43 points with a weekly gain of 1.1 percent.

China’s manufacturing sector expanded for the 11th-straight month in June with sub-indices for production and new orders also improved from a month ago, according to the National Bureau of Statistics earlier today.

"The market has responded positively to the central government's efforts to stabilize the financial market and the liquidity pressure is also largely relieved after the quarter-end period," Shenwan Hongyuan said in a research note.

Brokerages retreated from earlier gains with Guoyuan Securities falling 1.77 percent to 12.22 yuan (US$1.8) and Sinolink Securities lost 0.42 percent to 11.72 yuan.

China Vanke Co shed 0.76 percent to 24.97 yuan as the real estate developer held a shareholders' general meeting in Shenzhen today, triggering uncertainty about its board member structure.


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