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Market cools off to close lower in morning trade

SHANGHAI'S key stock index closed lower in the morning session as most stocks cooled down after yesterday's hike.

The benchmark Shanghai Composite Index fell 0.53 percent, or 17.39 points, to close at 3,249.53 points. Turnover was 132.1 billion yuan (US$19.3 billion). Losers outnumbered gainers 670 to 196 and 42 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.82 percent to close at 1,095.09 points.

Metal producers dragged down the index. Aluminum Corporation of China Ltd, the country's biggest producer of the metal, lost 2.35 percent to 16.18 yuan. Jiangxi Copper Co lost 1.62 percent to 43.19 yuan and Zijin Mining Co was down 1.30 percent to 11.38 yuan.

Financial shares and the banking sector showed mixed results. China Pacific Insurance (Group) Co Ltd fell 1.27 percent to 28.69 yuan while Ping An Insurance (Group) Co rose 3.13 percent to 62.70 yuan. China Life Insurance Co Ltd, the country's largest life insurance company, advanced 2.47 percent to 33.20 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.76 percent to 5.23 yuan, Shanghai Pudong Development Bank was down 0.24 percent to 25.23 yuan and China Construction Bank dropped 0.81 percent to close at 6.09 yuan. However, Bank of Communications was up 0.70 percent to 10.03 yuan and China Merchants Bank Co gained 1.95 percent to 18.85 yuan.

Real estate developers were among the gainers. China Vanke Co, the biggest listed domestic real estate developer, edged up 0.79 percent to 13.96 yuan. Gemdale Corporation rose 1.33 percent to 17.53 yuan and Poly Real Estate Group was up 0.63 percent to 28.80 yuan.

Elsewhere, Huaneng Power International Inc was down 1.80 percent to 8.18 yuan and Huadian Power International Corporation Ltd lost 1.25 percent to 5.53 yuan.


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