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Market flat in morning, developers drop

SHANGHAI'S key stock index remained flat in the morning trade with weak performance of property developers.

The benchmark Shanghai Composite Index dipped 0.15 percent, or 4.96 points, to close at 3,297.95 points. Turnover was 67.7 billion yuan (US$9.9 billion).

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.35 percent to close at 1,222.19 points.

The State Council said at a meeting last night that it will target excessive growth in property price and plans to speed up the construction of low-cost housing.

China Vanke Co, the biggest listed domestic real estate developer, lost 2.46 percent to 11.50 yuan. Gemdale Corporation tumbled 3.28 percent to 15.03 yuan. Poly Real Estate Group dropped 2.93 percent to 23.86 yuan.

Financial shares were also flat. Ping An Insurance (Group) Co lost 0.80 percent to 56.85 yuan. China Life Insurance Co Ltd, the country's largest life insurance company, lost 1.80 percent to 31.63 yuan.


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