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Profit-taking dents Shanghai market

SHANGHAI'S key stock index closed lower today with drops in most heavyweights as investors took profit after four days of gains.

The benchmark Shanghai Composite Index lowered 0.19 percent, or 4.34 points, to close at 2,260.82 points. Turnover expanded to 172.3 billion yuan (US$25.2 billion) from yesterday's 135.6 billion yuan. Losers outnumbered gainers 483 to 377 and 48 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.24 percent, or 1.73 points, to close at 716.40 points.

PetroChina, the biggest component index, was down 2.19 percent to 11.61 yuan. China Eastern Airlines Corp, the nation's third-largest carrier by fleet size, tumbled 2.58 percent to 5.29 yuan.

Banks showed mixed results today. Industrial & Commercial Bank of China, the nation's biggest lender, edged up 0.25 percent to 3.95 yuan. Shanghai Pudong Development Bank dropped 1.07 percent to 17.56 yuan. Bank of Communications was up 0.67 percent to 6.02 yuan. Industrial Bank Co dipped 0.20 percent to 19.87 yuan.

"The high turnover suggested many investors are now going into the market with a fairly good outlook for blue chips, and the upward trend is not likely to change in the near future," a research note by United Securities read.

Cement companies are among the gainers as market is optimistic about their profit outlook with more investment being poured into infrastructure construction. Both Fujian Cement Inc and Hebei Taihang Cement Co Ltd surged the daily limit of 10 percent. Hebei Taihang closed at 7.51 yuan and Fujian Cement ended at 5.50 yuan. Jiangxi Wannianqing Cement Co Ltd advanced 4.49 percent to 6.75 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 3.72 percent to 20.90 yuan. Yantai Changyu Pioneer Wine Co Ltd surged 7.78 percent to 52.49 yuan. Shanghai Maling Aquarius Co Ltd was up 2.55 percent to 6.04 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 advanced 4.97 percent to 8.02 yuan.


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