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Index dips slightly in morning trade

SHANGHAI'S key stock index remained almost unchanged in today's morning session after the index gained 3.62 percent in the first two days of the week.

The benchmark Shanghai Composite Index dipped 0.05 percent, or 1.62 points, to close at 3,068.97 points. Turnover dropped to dropped to 64.3 billion yuan (US$9.4 billion) from yesterday's 77.4 billion yuan. Gainers outnumbered losers 477 to 366, and 68 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.45 percent to close at 1,074.42 points.

China's GDP grew 8.9 percent in the third quarter, the National Bureau of Statistics said today. Figures for the first quarter this year were 6.1 percent, with 7.9 percent for the second quarter. GDP growth in the first three quarters was 7.7 percent, up from 7.1 percent growth in the first half this year.

China's cabinet said yesterday that it will maintain stimulus measures even after the economy exceeded expectations for the first nine months of the year. The State Council also signaled that inflation concern will be an increasing focus of its policy.

Jiangxi Copper Co said third quarter profits were 561 million yuan, down 46 percent from the 1.04 billion yuan a year ago as the price of copper falls. Its shares edged up 0.77 percent to 41.73 yuan.

Other metal producers showed mixed results. Yunnan Copper Co was up 0.90 percent to 32.64 yuan. Shandong Gold Mining Co dipped 0.17 percent to 69.30 yuan. Aluminum Corporation of China Ltd edged up 0.55 percent to 14.53 yuan.

Banking shares were among the losers. Bank of China lost 0.49 percent to 4.10 yuan. Shanghai Pudong Development Bank dipped 0.31 percent to 22.58 yuan. Bank of Communications dropped 1.66 percent to 8.90 yuan.

Northeast Securities said its net profit for the third quarter was 156 million yuan, 124 times higher that in the same period last year, after its investment income surged with the recovery of China's stock market. Its shares advanced 3.37 percent to 43.21 yuan.


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