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Market takes minor drop

SHANGHAI'S key stock index closed lower after two days' of gains ahead of the announcement of macroeconomic figures for the third quarter tomorrow, with weak performance of metal producers and financial shares.

The benchmark Shanghai Composite Index lost 0.45 percent, or 13.87 points, to close at 3,070.59 points. Turnover dropped to 155.2 billion yuan (US$22.7 billion) from yesterday's 167.2 billion yuan. Losers outnumbered gainers 613 to 253, and 45 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, lowered 0.37 percent to close at 1,069.56 points.

"The market will not suffer very large losses in the near future with the support of improved earnings and positive macroeconomic figures, but fluctuations may continue," Yi Wenbin, an analyst at United Securities, wrote in a research note.

China Minsheng Banking Corp, the country's first privately owned lender, said third-quarter profit rose 18 percent from a year ago to 2.83 billion yuan amid increasing household and corporate loans. Net income for the first nine months this year was 10.2 billion yuan. Its shares rose 1.57 percent to 7.75 yuan.

Other banking shares showed mixed results. China Merchants Bank went up 1.02 percent to 16.90 yuan. Industrial and Commercial Bank of China rose 0.59 percent to 5.14 yuan. Shanghai Pudong Development Bank was down 0.70 percent to 22.65 yuan.

GD Midea Holding Co said it will sell a 69.47 percent stake of its washing machine unit for 720 million yuan of Hong Kong-listed Wuxi Little Swan Co shares at 8.63 yuan per share. GD Midea surged the daily percent of 10 percent to 19.03 after resumed trading after 10 days.

Huaneng Power International Inc said it returned to profit in the third quarter as coal costs lowered. The nation's biggest listed electricity producer said profit rose to 2.17 billion yuan, compared with a net loss of 2.15 billion yuan a year ago. Its shares rose 1.81 percent to 7.89 yuan.

Laiwu Steel Corp said third-quarter net income jumped 89 percent from a year ago to 426 million yuan. Its net loss for the first three quarters was 171 million yuan. The stock added 1.89 percent to 12.96 yuan.

Brokerages were among the gainers as a growing number of initial public offerings on the main board as well as on the Growth Enterprise Market are expected to generate more income. Haitong Securities added 2.28 percent to 14.82 yuan. Sinolink Securities jumped 5.68 percent to 22.87 yuan. Citic Securities advanced 2.24 percent to 28.75 yuan.

Metal producers retreated from yesterday's gains. Jiangxi Copper dipped 0.77 percent to 41.41 yuan. Shandong Gold Mining Co retreated 3.07 percent to 69.42 yuan. Zhongjin Gold Co lost 3.09 percent to 59.68 yuan.


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