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Market rebounds as shipbuilders fair well

SHANGHAI'S key stock index reversed a drop in its morning session and closed slightly lower yesterday, led by a strong performance by shipbuilders.

The Shanghai Composite Index dipped 0.56 percent, or 12.73 points, to close at 2,248.09 points. Turnover was 142.1 billion yuan (US$20.8 billion). Gainers outnumbered losers 517 to 344, and 47 remained unchanged.

Shipbuilders were among those that rose as the State Council announced it would not allow any new shipyards for three years to support domestic shipbuilders facing plunging demand.

China State Shipbuilding Co, the country's largest shipbuilder, surged the daily limit of 10 percent to close at 58.48 yuan. Guangzhou Shipyard International Co and CSSC Jiangnan Heavy Industry Co also jumped the daily limit. Guangzhou Shipyard closed at 20.89 yuan, and CSSC Jiang°?nan closed at 15.70 yuan.

Baoshan Iron and Steel Co, China's biggest steel maker, fell 1.89 percent to 5.71 yuan. Angang Steel Co dropped 3.56 percent to 8.41 yuan.


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