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Morning market holds steady

SHANGHAI'S key stock index remained almost unchanged after three day's gains this morning with most shares remaining in adjustment.

The benchmark Shanghai Composite Index edged up 0.09 percent, or 2.19 points, to close at 2,427.48 points as of 11:30am. Turnover was 89.0 billion yuan (US$13.0 billion). Losers outnumbered gainers 597 to 269 and 42 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.01 percent to close at 805.02 points.

Banks and finance sector shares continued to rise. Industrial & Commercial Bank of China, the nation's biggest lender, added 1.25 percent to 4.04 yuan. China Construction Bank was up 1.37 percent to 4.45 yuan. Bank of China edged up 1.14 percent to 3.56 yuan.

Anhui Conch Cement Co, the country's biggest cement maker, said its board has approved plans to issue up to 9.5 billion yuan of bonds to repay bank loans and replenish capital. Its shares lowered 1.06 percent to 35.40 yuan.

Gold producers were among the losers after gold futures on the New York market dropped on Thursday. Zhongjin Gold Co tumbled 5.02 percent to 56.17 yuan. Shangdong Gold Mining Co dropped 4.73 percent to 75.70 yuan.

Beijing Sanyuan Foods Co rose on speculation it would buy the assets of the bankrupt Sanlu Group Co. The stock advanced 3.15 percent to 8.18 yuan.

Shanghai International Port (Group) Co, the operator of China's busiest harbor, said its profit for 2008 soared 27 percent to 4.62 billion yuan as higher exports fueled container traffic. The shares lowered 3.45 percent to 5.88 yuan.


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