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Morning market blues as finance sector dips

SHANGHAI'S key stock index dropped nearly 1 percent in the morning trade with weak performances by financial shares.

The benchmark Shanghai Composite Index lost 0.91 percent, or 25.38 points, to close at 2,764.17 points at 11:30am. Turnover was 59.4 billion yuan (US$8.7 billion). Losers outnumbered gainers 636 to 214 and 58 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.57 percent to close at 911.26 points.

Financial shares bucked yesterday's hike. Ping An Insurance (Group) Co lost 4.51 percent to 44.05 yuan. China Pacific Insurance (Group) Co Ltd lowered 3.42 percent to 18.92 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, lost 1.62 percent to 4.86 yuan. Shanghai Pudong Development Bank tumbled 2.52 percent to 20.88 yuan. China Construction Bank lost 0.71 percent to close at 5.31 yuan and Bank of Communications dipped 0.83 percent to 8.35 yuan.

Property developers were also weak. China Vanke Co, the biggest listed domestic real estate developer, lost 2.79 percent to 10.80 yuan. Gemdale Corporation lost 1.33 percent to 13.40 yuan. China Merchants Property Development Co Ltd lowered 1.68 percent to 27.51 yuan.

Metal producers were among the gainers. Zijin Mining (Group) Co added 1.64 percent to 9.32 yuan. Jiangxi Copper Co edged up 0.13 percent to 30.00 yuan. Zhongjin Gold Co Ltd hiked 6.62 percent to 45.89 yuan.

Steel producers were also strong. Fushun Special Steel Co Ltd advanced 3.52 percent to 6.18 yuan. Guangzhou Iron and Steel Co Ltd surged the daily limit of 10 percent to 5.21 yuan. Xinjiang Bayi Iron & Steel Co rose 2.65 percent to 10.46 yuan.


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