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Heavyweights flatten morning market

SHANGHAI'S key stock index closed lower in the morning session as heavyweights went through an adjustment.

The benchmark Shanghai Composite Index dipped 0.12 percent, or 3.10 points, to close at 2,606.91 points. Gainers outnumbered losers 565 to 266 while 77 remained unchanged. Turnover was 62.5 billion yuan (US$9.1 billion).

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.42 percent to close at 884.94 points.

China Petroleum & Chemical Corp, Asia's largest refiner also known as Sinopec, was down 1.75 percent to 10.12 yuan.

Hainan Airlines Co said it will raise about 3 billion yuan in a private placement by selling 595 million shares at 5.04 yuan per share. Its shares lowered 1.43 percent to 5.50 yuan.

Zhongtian Urban Development Group Co said it will sell 188 million shares at 8.33 yuan each to raise 1.6 billion yuan. The stock retreated 2.34 percent to 10.00 yuan. China Vanke Co was down 1.61 percent to 9.80 yuan. Gemdale Corporation retreated 2.79 percent to 15.70 yuan.

Banks and brokerages were weak. Bank of Communications lost 1.29 percent to 6.86 yuan. China Construction Bank was down 0.89 percent to 4.46 yuan. Bank of China dipped 0.57 percent to 3.51 yuan.

Haitong Securities lost 1.47 percent to 14.12 yuan. Sinolink Securities decreased 1.55 percent to 36.95 yuan.

Zijin Mining Group Co, the country's largest gold producer, edged up 0.12 percent to 8.68 yuan. Jinagxi Copper Co Ltd dipped 0.41 percent to 28.81 yuan. Yunnan Copper Co Ltd was down 1.31 percent to 22.65 yuan.


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