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Market dips to close week at 3,308

SHANGHAI'S market dropped for the first time in six days with weak performance of banking shares and oil producers as the bourse remained flat ahead of the weekend.

The benchmark Shanghai Composite Index dipped 0.37 percent, or 12.27 points, to close at 3,308.35 points. Turnover was 200.1 billion yuan (US$29.3 billion). Gainers outnumbered losers 462 to 404, and 46 stocks remained unchanged. The index added a total of 3.79 percent this week.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.36 percent to close at 1,207.09 points.

Crude oil was little changed at US$77.70 a barrel yesterday as the dollar strengthened and commodities dropped. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, retreated 1.80 percent to 12.53 yuan. PetroChina lowered 0.92 percent to 14.03 yuan.

Brokerages also bucked the downward trend after Changjiang Securities said it will open 12-16 more representative offices to bring its total number of divisions to around 70. Its shares surged by the daily limit of 10 percent to 20.30 yuan. Guoyuan Securities added 2.41 percent to 21.63 yuan. Pacific Securities Co Ltd rose 2.43 percent to 17.70 yuan.

Banking shares were weak. Industrial & Commercial Bank of China, the nation's biggest lender, dropped 1.26 percent to 5.48 yuan. Shanghai Pudong Development Bank was down 0.76 percent to 23.62 yuan. China Construction Bank lowered 1.26 percent to close at 5.48 yuan.

Cement producers were among the gainers. Anhui Conch Cement Co advanced 3.18 percent to 46.99 yuan. Tangshan Jidong Cement Co Ltd added 2.92 percent to 18 yuan. Hebei Taihang Cement Co rose 2.21 percent to 11.54 yuan.

Metal producers retreated from earlier gains. Zijin Mining Co lost 0.90 percent to 9.93 yuan. Shandong Gold Mining Co was down 0.69 percent to 74.54 yuan. Jiangxi Copper Co lowered 1.45 percent to 42.23 yuan.

Property developers showed mixed results. Poly Real Estate Group edged up 0.26 percent to 26.87 yuan. China Merchants Property Development Co Ltd added 1.77 percent to 30.53 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd was down 0.25 percent to 28.45 yuan.


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