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Financial chips drag Shanghai index down

SHANGHAI'S key stock index remained almost unchanged at the mid-day break today while financial shares were down on concerns that recent price growth was excessive compared with corporate earnings prospects.

The benchmark Shanghai Composite Index edged down 0.03 percent to 3,025.73. Turnover stood at 79.2 billion yuan (US$11.65 billion). Gainers outnumbered losers 453 to 381 with 28 unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.69 percent to close at 1,048.55 points.

China Construction Bank Crop, which had surged 17.7 percent this month, fell 1.2 percent to 5.98 yuan and Sinolink Securities Co dropped 1.33 percent to 22.22 yuan.

"Investors have mixed attitude towards the index's movement after it touched 3,000-point psychologically-important mark. The benchmark index will meet mounting pressures on the way up if no favorable news is unveiled," Shenzhen Guocheng Investment Consultants Co wrote in a research note.

Bucking the downward trend, tire producers were strong after saying businesses were little affected by the United States imposing tariffs on tires shipped from China.

Double Coin Holdings Ltd soared 7.3 percent to 20.4 yuan. Guizhou Tyre Co advanced 7.09 percent to 16.01 yuan as it said exports to US only accounted for 1.56 percent of the company's total sales in the first seven months.

Elsewhere, China Coal Energy Co, the nation's second-largest coal producer, jumped 3.5 percent to 13.14 yuan after saying coal sales reached 8.29 million metric tons in August, without giving a comparative figure.


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