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Market flattens ahead of conference

SHANGHAI'S market closed lower today, as most heavily weighted shares remained flat ahead of the beginning of the Chinese People's Political Consultative Conference tomorrow.

The benchmark Shanghai Composite Index lost 0.48 percent, or 14.73 points, to close at 3,073.11 points. Turnover was 124.6 billion yuan (US$18.2 billion). Losers outnumbered gainers 525 to 332, and 59 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.08 percent to close at 1,183.95 points.

Beijing Yanjing Brewery Co said it plans to raise 1.2 billion yuan ($176 million) by selling five-year convertible bonds. Its shares 3.16 percent to 20.82 yuan.

Sichuan Swellfun Co jumped by the 10 percent daily limit after Britain's Diageo Plc said it plans to spend at least 624 million pounds to take over China's fourth-largest spirits group to add Chinese white spirits to its portfolio of top brands.

Banks showed mixed results. Bank of Communications dipped 0.60 percent to 8.28 yuan. China Merchants Bank edged up 0.98 percent to 16.46 yuan. Bank of China was down 0.24 percent to 4.16 yuan.

Heavily weighted steel makers and oil producers were flat. Baoshan Iron and Steel Co, China's biggest steel maker, lowered 1.34 percent to 8.09 yuan. PetroChina was down 0.84 percent to 12.95 yuan. Wuhan Iron & Steel lost 1.16 percent to 6.83 yuan.

Metal suppliers dropped after yesterday's hike. Yunnan Copper Co retreated 4.74 percent to 26.72 yuan. Jiangxi Copper sank 4.62 percent to 36.76 yuan. Zhongjin Gold Mining Co lost 1.59 percent to 49.55 yuan.

Low carbon technology-related shares were among the gainers after the Securities Times reported a proposal to promote low emissions, and the green economy will be on the CPPCC's top agenda.

Jiangsu Guotai International Group surged 8.61 percent to 25.85 yuan. Shenzhen Desay Battery Technology Co Ltd rallied 10 percent to 11.61 yuan.


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