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Market ends week with a dip

SHANGHAI'S key stock index dipped today after swings, on concerns over first-half corporate earnings.

The benchmark Shanghai Composite Index was down 0.29 percent, or 9.1 points, to close at 3,113.93 points. Turnover shrank to 178.16 billion yuan (US$26.2 billion) from 184.34 billion yuan. Gainers outnumbered losers 456 to 391 and 24 remained unchanged.

The local benchmark index edged up 0.8 percent this week after going through wide fluctuations with concerns over assets bubbles and upbeat economic prospects.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.5 percent to close at 1,042.8 points.

"Shares have kept moving up and down as the barometer met technical resistance and adjustments in some overvalued sectors in its way up. Profit taking against the backdrop of tightened credit management led to corrections," Everbright Securities Co wrote in a research note.

China Pacific Insurance (Group) Co dropped 1.38 percent to 26.43 yuan. Ping An Insurance (Group) Co fell 0.82 percent to 55.81 yuan while China Life Insurance Co edged down 1.89 percent to 29.11 yuan.

Baoshan Iron & Steel Co, the nation's biggest steelmaker, eased 1.22 percent to 8.08 yuan. Angang Steel Co retreated 2.43 percent to 14.05 yuan. Maanshan Iron & Steel Co slid 1.26 percent to 5.47 yuan.

Bucking the downward trend, real estate developers added after China's urban residential prices rose for the first time in seven months. Shanghai Lujiazui Finance & Trade Zone gained 1.9 percent to 26.3 yuan. Poly Real Estate Group Co surged 2.02 percent to 30.32 yuan. Shanghai Waigaoqiao Free Trade Zone climbed 2.23 percent to 16.07 yuan.

Prices in 70 major Chinese cities added 0.2 percent in June from a year earlier, the National Development and Reform Commission said today


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