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Investor caution keeps key stock index lower

SHANGHAI'S key stock index ended slightly lower yesterday with investors cautious over share purchases.

The Shanghai Composite Index dipped 0.48 percent, or 13.35 points, to close at 2,753.89.

Turnover shrank to 154 billion yuan (US$22.65 billion) from 179.53 billion yuan the previous trading day.

The local benchmark index gained an accumulative 4.6 percent this week.

"The barometer has accumulated great pressures from previous gains. The possible resumption of initial public offerings also posed some psychological pressure on investors," said Wang Xingjun, an analyst from Donghai Securities Co.

"The shrinking turnover reflected investors were reluctant to buy shares under these conditions."

Property developers led the losses. Gemdale Corp, a Chinese partner of ING Group NV, dropped 1.57 percent to 14.40 yuan. Poly Real Estate Group Co, China's second-largest developer by market value, eased 1.13 percent to 24.55 yuan while Shanghai-based Shimao Property Co slid 2.77 percent to 13.71 yuan.

Auto makers were weak. SAIC Motor Corp fell 3.76 percent to 14.09 yuan. Dongfeng Automobile Co was down 1.62 percent to 4.87 yuan. Beiqi Foton Motor Co retreated 2.6 percent to 12.75 yuan.

The Bank of China edged down 0.81 percent to 3.69 yuan. The Bank of Communications was down 1.53 percent to 7.72 yuan.

Gold producers bucked the downward trend. Zijin Mining Group gained 1.8 percent to 10.17 yuan. Shandong Gold Mining Co advance 7.73 percent to 57.84 yuan. Zhongjin Gold Corp jumped by 10 percent daily cap to 46.55 yuan.


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