Jitters freeze morning market

By Joyce Pan | July 9, 2009, Thursday |

Online Edition

SHANGHAI'S key stock index remained unchanged at the morning break, after swinging between gains and losses as jittery investors were divided on economic prospects.

Turnover reached 92.15 billion yuan (US$13.55 billion). Gainers outnumbered losers 532 to 313 and 26 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.88 percent to close at 1,028.77 points.

Lenders fell as new yuan-backed loans more than doubled in June, leading to concerns over bad debt risks. Industrial & Commercial Bank of China, the nation's biggest lender, slid 1.52 percent to 5.2 yuan. China Construction Bank retreated 1.61 percent to close at 6.1 yuan. Bank of China lost 1.11 percent to 4.47 yuan. Bank of Communications Co lowered 1.46 percent to 9.42 yuan.

Meanwhile, steel producers gained on increased output. Baoshan Iron & Steel Co, the nation's biggest steelmaker, gained 2.49 percent to 8.23 yuan. Wuhan Iron & Steel Co advanced 2.71 percent to 9.11 yuan and Angang Steel Co added 0.49 percent to 14.46 yuan.

Finance

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Jitters freeze morning market

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