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Banks and coal curb morning market

SHANGHAI'S key stock index closed lower in morning trading with weak performances by the banking sector and coal producers.

The benchmark Shanghai Composite Index dipped 0.27 percent, or 8.29 points, to close at 3,105.64 points. Turnover was 84.9 billion yuan (US$12.4 billion). Gainers outnumbered losers 632 to 218 and 66 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.97 percent to close at 1,052.94 points.

Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.76 percent to 5.20 yuan. Shanghai Pudong Development Bank lost 1.61 percent to 23.83 yuan. China Construction Bank was down 1.14 percent to close at 6.09 yuan. China Merchants Bank Co retreated 1.74 percent to 18.03 yuan.

China Eastern Airlines yesterday announced details of its merger with its smaller local rival Shanghai Airlines in a share swap deal. Shares of both companies resumed trading today after they were suspended since June 8. China Eastern Airlines jumped 5.07 percent to 5.60 yuan and Shanghai Airlines surged 5.07 percent to 6.22 yuan.

Hebei Jinniu Energy Resources Co Ltd dropped 3.20 percent to 42.01 yuan. Datong Coal Industry Co Ltd lost 3.53 percent to 39.30 yuan. Shanxi Xishan Coal and Electricity Power Co Ltd was down 2.34 percent to 32.95 yuan. China Shenhua Energy Co Ltd retreated 1.82 percent to 32.45 yuan.

China Vanke Co, the biggest listed domestic real estate developer, dipped 0.07 percent to 14.26 yuan. Gemdale Corporation lost 0.73 percent to 17.72 yuan. Poly Real Estate Group Co dropped 1.25 percent to 29.94 yuan.

Brokerages were also weak. Haitong Securities lost 1.05 percent to 17.83 yuan. Changjiang Securities was down 1.32 percent to 21.61 yuan. Hongyuan Securities dipped 0.62 percent to 25.75 yuan.


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