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Market dips in morning as steel makers retreat

SHANGHAI'S key stock index closed lower in the morning session with weak performance of steel producers after US steel makers filed dumping petition against Chinese steel pipes.

The benchmark Shanghai Composite Index lost 1.09 percent, or 33.34 points, to close at 3,026.92 points. Turnover was 83.5 billion yuan (US$12.2 billion). Losers outnumbered gainers 620 to 227, and 63 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, lost 1 percent to close at 1,054.47 points.

US Steel Corp, the largest US-based steelmaker, has filed a petition to US Commerce Department to impose dumping and anti-subsidy duties of as much as 90 percent on US$400 million of imports of steel pipes from China.

Baoshan Iron & Steel Co Ltd retreated 3.25 percent to 7.15 yuan. Wuhan Iron & Steel Co dropped 3.53 percent to 8.19 yuan.

Brokerages were still among the gainers among investors' expectations that listings of start-up companies on the Growth Enterprise Market will generate more profits. The China Securities Regulatory Commission today will review applicants from another six companies waiting to be listed on the GEM.

Pacific Securities was up 0.55 percent to 16.56 yuan. Haitong Securities edged up 0.75 percent to 14.71 yuan.

Banks retreated from yesterday's gain. Industrial & Commercial Bank of China, the nation's biggest lender, lost 1.37 percent to 5.04 yuan. Shanghai Pudong Development Bank was down 2.37 percent to 20.99 yuan.

Metal producers were also weak after commodities dropped. Jiangxi Copper was down 3.18 percent to 39.94 yuan. Yunnan Copper lost 3.01 percent to 29.93 yuan. Zijin Mining Co retreated 2.86 percent to 9.85 yuan.


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