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Finance sector weakens morning market

SHANGHAI'S key stock index dipped in the morning trade with weak performances by financial shares.

The benchmark Shanghai Composite Index was down 0.25 percent, or 7.29 points, to close at 2,917.76 points. Turnover was 57.4 billion yuan (US$6.83 billion). Losers outnumbered gainers 478 to 335 and 95 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.06 percent to close at 954.98 points.

China Pacific Insurance (Group) Co Ltd was down 0.84 percent to 21.20 yuan. China Life Insurance Co Ltd, the country's largest life insurance company, retreated 0.98 percent to 27.18 yuan.

Brokerages were also among the losers. Haitong Securities lost 0.92 percent to 16.08 yuan. Hongyuan Securities retreated 2.57 percent to 20.46 yuan. Sinolink Securities was down 1.61 percent to 22.59 yuan.

Banks showed mixed results. Industrial & Commercial Bank of China, the nation's biggest lender, advanced 1.65 percent to 5.53 yuan. Shanghai Pudong Development Bank rose 1.36 percent to 22.44 yuan. China Construction Bank edged up 0.49 percent to close at 4.42 yuan. Bank of China lost 1.30 percent to 4.57 yuan. China Citic Bank dipped 0.17 percent to 5.98 yuan.

China Vanke Co, the biggest listed domestic real estate developer, dipped 0.08 percent to 12.45 yuan. Gemdale Corporation was down 0.71 percent to 15.39 yuan. Poly Real Estate Group lost 0.38 percent to 26.16 yuan.

Aluminum Corporation of China Ltd dropped 1.16 percent to 11.93 yuan. Shandong Gold Mining Co Ltd was down 1.78 percent to 56.16 yuan. Zijin Mining Co lost 0.90 percent to 9.87 yuan.


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