Shanghai market dips in morning session

By Joyce Pan | May 8, 2009, Friday |

Online Edition

SHANGHAI'S key stock index ended lower in the morning session, led by metal producers and auto makers, following tumbles in the US markets overnight.

The benchmark Shanghai Composite Index was off 0.43 percent, or 11.24 points, to close at 2,586.20 points.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.46 percent to close at 865.35 points.

Minmetals Development Co plunged 3.34 percent to 17.05 yuan (US$2.50). Western Mining Co tumbled 4.87 percent to 14.05 yuan. Yunnan Chihong Zinc & Germanium Co sank 3.88 percent to 19.83 yuan.

SAIC Motor Corp lowered 3.22 percent to 13.52 yuan. Dongfeng Automobile Co slid 2.9 percent to 4.36 yuan. Shenyang Jinbei Automotive Co declined 1.89 percent to 3.63 yuan.

Bucking the downward trend, lenders gained. China Merchants Bank Co added 1.6 percent to 16.56 yuan. Industrial and Commercial Bank of China inched up 0.7 percent to 4.31 yuan and China CITIC Bank Corp Ltd rose 0.2 percent to 5 yuan.

Finance

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Shanghai market dips in morning session

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