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Market unchanged in morning after key economy data released

SHANGHAI'S key stock index remained almost flat at mid-day break despite the macro-economic figures released in the morning pointed to a strengthened economic recovery.

The benchmark Shanghai Composite Index added 0.19 percent, or 6.15 points, to close at 3,260.41 points. Turnover stood at 56.9 billion yuan (US$8.37 billion). Gainers outnumbered losers 423 to 407 and 52 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.33 percent to close at 1,224.09 points.

But analysts said the investor enthusiasm may gain steam in the afternoon, boosted by faster factory output, better-than-expected bank lending and other financial data.

China's industrial production climbed 19.2 percent in November from a year ago, the National Bureau of Statistics said in Beijing today. It remarked the biggest increase since June 2007 and beat an 18.2 percent median estimate in a Bloomberg News survey of 25 economists.

Consumer price index, the main gauge of consumer inflation, rose 0.6 percent last month on a yearly base, the first increase in 10 months, according to the statistics bureau.

The figures signaled a stabilized and strengthening recovery, shored up by the government's four-trillion yuan stimulus package, record bank loans.

Lenders led the gainers after the People's Bank of China said China banks extended 294.8 billion yuan new yuan loans in November, compared with 253 billion yuan in October.

Bank of China edged up 0.2 percent to 4.18 yuan. China Merchants Bank Co gained 1.3 percent to 17.71 yuan. Shanghai Pudong Development Bank Co increased 0.6 percent to 22.22 yuan. Bank of Communications Co was up 0.2 percent to 8.55 yuan.

Baoshan Iron & Steel Co rose 0.6 percent to 9.17 yuan after the parent raised prices for January delivery, the first time in four months. Maanshan Iron & Steel Co, China's fourth-largest listed steelmaker, jumped 2.6 percent to 5.2 yuan. Xinjiang Ba Yi Iron & Steel Co increased 4 percent to 14.95 yuan. Wuhan Iron and Steel was up 0.5 percent to 8.61 yuan.


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