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Market retreats to close at 3,051

SHANGHAI'S key stock index closed lower today although statistics showed more signs of economic recovery.

The benchmark Shanghai Composite Index lost 0.62 percent, or 19.18 points, to close at 3,051.41 points. Turnover dropped to shrank to 120 billion yuan (US$17.57 billion) from yesterday's 155.2 billion yuan. Gainers outnumbered losers 431 to 429, and 51 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.03 percent to close at 1,069.86 points.

"The fluctuation in the past two days doesn't mean the index will fall in the future, and the government's pledge to maintain stimulus measures will continue to push up the index," Guoyuan Securities wrote in a research note.

China's GDP grew 8.9 percent in the third quarter, the National Bureau of Statistics said today. Figures for the first quarter were 6.1 percent, and 7.9 percent for the second quarter. GDP growth for the first three quarters was 7.7 percent, up from 7.1 percent in the first half of this year.

China's cabinet said yesterday that it will maintain stimulus measures even after the economy exceeded expectations for the first nine months of the year. The key point of macro-regulation will be to balance fast economic growth, adjust economic structure and regulate inflation prospects, it said.

Jiangxi Copper Co said third quarter profits were 561 million yuan, down 46 percent from last year's 1.04 billion yuan with a fall in copper prices. Its shares dropped 2.54 percent to 40.36 yuan.

Other metal producers showed mixed results. Yunnan Copper Co lost 2.16 percent to 31.65 yuan. Shandong Gold Mining Co was down 1.40 percent to 68.45 yuan.

Banking shares were among the losers. Bank of China lost 0.97 percent to 4.08 yuan. Shanghai Pudong Development Bank was down 0.97 percent to 22.43 yuan. Bank of Communications retreated 2.65 percent to 8.81 yuan.

Northeast Securities said its net profit for the third quarter was 156 million yuan, more than 124 times higher than last year, after its investment income surged with the recovery of China's stock market. Its shares were up 0.26 percent to 41.91 yuan.

Baoshan Iron & Steel Corp, the nation's biggest steel producer, was down 1.11 percent to 7.10 yuan. Wuhan Iron & Steel retreated 2.39 percent to 7.77 yuan.


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