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Real estate flattens trading

SHANGHAI'S key stock index ended over 1 percent lower today, led by property developers. Property developers tumbled after analysts said the sector was overvalued with excessive optimism over the recovery in the real estate market.

The benchmark Shanghai Composite Index dropped 1.54 percent, or 40.79 points, to close at 2,610.62 points. Losers outnumbered gainers 665 to 181 while 5 remained unchanged. Turnover rose slightly to 138.84 billion yuan (US$20.42 billion) stood to 137.73 billion yuan.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 2.15 percent to close at 878.09 points.

Gemdale Corp, a Chinese partner of ING Group NV, dived 3.5 percent to 16.27 yuan. Poly Real Estate Group co, China's second-largest developer by market value slid 3.82 percent to 21.89 yuan. Shanghai-based Shimao Property Co eased 0.97 percent to 14.22 yuan. Shanghai Lujiazui Finance & Trade Zone dipped 1.33 percent to 24.51 yuan.

Coal producers were also among the losers. China Shenhua Energy Co, Asia's largest coal producer lowered 4.99 percent to 26.64 yuan. Datong Coal Industry Co, China's second-largest coal company by capacity, withdrew 5.32 percent to 36.85 yuan. Pindingshan Tian'an Coal Mining Co was off 2.54 percent to 35.37 yuan.

Bucking the downward trend, China Yangtze Power Co advanced 0.95 percent to 13.75 yuan. PetroChina, the country's largest oil producer and the market's biggest component, added 0.77 percent to 13.17 yuan.


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