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Flat midweek index as banks weaken

SHANGHAI'S market remained flat today, with weak performance of banks and financial shares eroding gains in technology and the media sector.

The benchmark Shanghai Composite Index dipped 0.14 percent, or 4.39 points, to close at 3,046.09 points. Turnover was 108.5 billion yuan (US$15.9 billion). Gainers outnumbered losers 471 to 382, and 65 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.13 percent to close at 1,172.03 points.

Industrial & Commercial Bank of China, the nation's biggest lender, was down 0.41 percent to 4.86 yuan. China Construction Bank fell 0.89 percent to 5.56 yuan. Industrial Bank dropped 1.14 percent to 35.58 yuan. Bank of Communications lost 0.86 percent to 8.06 yuan.

Haitong Securities was down 0.86 percent to 17.23 yuan. China Life Insurance Group fell 0.92 percent to 28.15 yuan.

Xinhua cited Minister of Industry and Information Technology as saying that trial operations of networks that combine telecommunications and the Internet may be launched in June.

Ningbo Kangqiang Electronics Co surged by the daily limit of 10 percent to 12.41 yuan. ZTE Corporation was up 0.28 percent to 43.28 yuan. Shenzhen Terca Technology Co rallied 6.58 percent to 15.55 yuan.

Property companies were among the gainers. China Vanke Co, the biggest listed domestic real estate developer, was up 1.06 percent to 9.54 yuan. Gemdale Corporation edged up 0.29 percent to 13.92 yuan. Poly Real Estate Group rose 1.37 percent to 20.68 yuan.

Metal producers retreated from earlier gains. Zijin Gold Mining Co lost 1.44 percent to 8.20 yuan. Yunnan Copper Co dropped 1.55 percent to 25.33 yuan. Zhongjin Gold Co was down 0.44 percent to 49.23 yuan.


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