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Shanghai bourse dips on profit taking

SHANGHAI'S key stock index ended lower in morning trade today amid profit taking from yesterday's nine-month high.

The benchmark Shanghai Composite Index dipped 0.18 percent, or 4.63 points, to close at 2,555.28 points.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.31 percent to close at 862.25 points.

Heavyweight blue chips were sluggish in morning trade. China Petroleum & Chemical Corp sank 1.19 pecent to 9.99 yuan, China Shenhua Energy Co dropped 1.01 percent to 26.42 yuan and China Life Insurance Co fell 1.43 percent to 24.09 yuan.

Property developers gained on better than expected financial news in the real estate market with the biggest property developer, China Vanke Co, climbing 3.3 percent to 9.09 yuan.

China Merchants Property Development Co surged 3.36 percent to 27.35 yuan, Poly Real Estate Group Co added 2.1 percent to 20.41 yuan and Gemdale Corp improved by 0.7 percent to 12.91 yuan.

Banks showed mixed performance after predictions that new loans in April would exceed 600 billion yuan and new loans in May and June would not fall sharply.

China Merchants Bank Co climbed 0.94 percent to 16.04 yuan and Industrial Bank Co jumped 1.88 percent to 25.43 yuan. Bank of China eased 0.56 percent to 3.54 yuan and China Construction Bank Corp retreated 0.22 percent to 4.48 yuan.


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