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Market slightly higher on gains of metal, liquor stocks
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Shanghai stocks eked out a gain in volatile morning trading as metal and liquor producers rallied while media and oil companies slumped.
The key Shanghai Composite Index erased earlier losses and added 0.08 percent to 2,111.50 points by midday. Turnover was 64.8 billion yuan (US$10.6 billion).
“The market is facing increasing resistance after days of gains,” said Shenyin & Wanguo Securities.
The local stock market recorded strong performance after a weeklong Spring Festival holiday, with the Shanghai Composite rising four days in a row amid easing liquidity condition and signs of improving economy.
The seven-day Shanghai Interbank Offered Rate, a gauge of funding costs, declined for a third straight day, falling 15.70 basis points to 5.02 percent this morning, data from the National Interbank Funding Center showed.
Money rates declined although the central bank refrained from money injection, causing a net withdrawal of 450 billion yuan so far this week due to maturing reverse repos.
Gold stocks led the gain of metal shares. Zijin Mining Group Co Ltd surged 7 percent to 2.45 yuan. Zhongjin Gold Corp Ltd added 2.9 percent to 8.56 yuan.
Heavily-weighted distilleries also advanced. Kweichow Moutai Co Ltd increased 2.5 percent to 137.51 yuan.
Oil producers tumbled with China Oilfield Services Ltd losing 2.5 percent to 20.75 yuan and Offshore Oil Engineering Co Ltd slipping 1.7 percent to 8.65 yuan.
Media firms were among the big losers. BesTV New Media Co Ltd dropped 3.8 percent to 41.34 yuan. Jishi Media Co Ltd slumped 4.4 percent to 12.37 yuan.
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