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Shanghai index dips on sluggish bank and auto shares

SHANGHAI'S key stock index ended lower in the morning session on the sluggish performance of financial shares and auto manufacturers.

The benchmark Shanghai Composite Index dipped 0.43 percent, or 12.69 points, to close at 2,954.91 points. Turnover stood at 77.15 billion yuan (US$11.35 billion). Gainers outnumbered losers 636 to 528 and 45 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, gained 0.32 percent to close at 1,006.48 points.

"Earnings of blue-chips such as lenders, brokerages and auto makers have fell short of investors' expectations,"said Wan Bing, an analyst at GF Securities Co.

Automakers led the losers. Shenyang Jinbei Automotive Co retreated 0.26 percent to 3.78 yuan. Dongfeng Automobile Co withdrew 1 percent to 4.93 yuan. SAIC Motor Corp slid 1.88 percent to 18.31 yuan.

Lenders were also weak. Industrial & Commercial Bank of China, the nation's biggest lender, dropped 0.21 percent to 4.72 yuan. Shanghai Pudong Development Bank inched down 0.19 percent to 20.65 yuan. Bank of China Ltd was off 0.25 percent to 3.95 yuan.


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