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Flat performance on Shanghai bourse

SHANGHAI'S key stock index remained flat today as slack performance in heavyweights offset the rises in medium and small companies.

The benchmark Shanghai Composite Index lost 0.07 percent, or 2.25 points, to close at 3,172.95 points, after hitting a high of 3,199.87 points. Turnover rose to 152.8 billion yuan (US$23.9 billion) from 144.5 billion yuan. Gainers outnumbered losers 482 to 367, and 25 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.51 percent to close at 1,141.33 points.

"Heavyweights lacked the momentum to go upward and restricted the rebound of the key index," said He Yong, an analyst from S&E Securities Brokerage. "The gauge is faced with mounting technical resistance with weak heavyweights and may experience some corrections in the near term."

Lenders and property developers were sluggish as previous gains have outpaced earnings performance. Shanghai Pudong Development Bank edged down 0.6 percent to 23.11 yuan. China Construction Bank dipped 0.5 percent to close at 5.95 yuan. Gemdale Corporation was down 1 percent to 15.93 yuan. Poly Real Estate Group fell 1.4 percent to 26.27 yuan.

PetroChina, the biggest component of the index, eased 0.4 percent to 13.51 yuan. Sinopec, Asia's largest oil refiner, inched down 0.08 percent to 11.93 yuan.


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