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Profit takers cause market dip at midday

SHANGHAI'S key stock index dipped in the morning session as the financial sector fell with investors taking profits after four days of gains.

The benchmark Shanghai Composite Index lowered 0.56 percent, or 12.75 points, to close at 2,252.41 points as of 11:30am. Turnover was 81.5 billion yuan (US$11.9 billion). Gainers outnumbered losers 492 to 362 and 54 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.93 percent, or 6.61 points, to close at 721.28 points.

Banks were weak in the first half of trading. Industrial & Commercial Bank of China, the nation's biggest lender, was down 1.02 percent to 3.90 yuan. Shanghai Pudong Development Bank buckled 3.32 percent to 17.16 yuan. Bank of Communications lowered 2.01 percent to 5.86 yuan.

Haiitong Securities, the nation's largest listed brokerage, fell 1.46 percent to 12.17 yuan. Sinolink Securities Co tumbled 3.16 percent to 31.00 yuan.

Incentive measures aimed at the light industry sector, which include food, home appliances, and paper making, will be announced soon, according to a report in the Shanghai Securities News.

Tsingtao Brewery Co Ltd added 1.34 percent to 20.42 yuan. Zhengzhou Sanquan Foods Co Ltd increased 3.03 percent to 32.27 yuan.

Aluminum Corp of China Ltd, the nation's biggest maker of the metal, hiked 6.90 percent to 10.22 yuan.

Huaneng Power International Inc, a unit of China's biggest electricity producer, received state approval to build a new plant costing 3.32 billion yuan in northeastern Liaoning province. Its stock dipped 0.52 percent to 7.60 yuan.

Shanghai Jinjiang International Hotels Development Co said it will increase its stake in a restaurant venture with Cafe de Coral Holdings Ltd to 75 percent from the original 50 percent. Its shares dipped 0.60 percent to 13.21 yuan.


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