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Shanghai market remains flat in morning

SHANGHAI'S key stock index was flat in the morning session after retreating more than 3 percent yesterday as recent gains have been excessive compared with earnings prospective.

The benchmark Shanghai Composite Index dipped 0.18 percent, or 5.88 points, to close at 3,217.64 points. Turnover stood at 113 billion yuan (US$16.62 billion). Gainers outnumbered losers 495 to 371, and 26 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.66 percent to close at 1,182.86 points.

"The rallies of most shares lacked the support from their corporate earnings. And the current prices are not at a reasonable range," GF Securities Co wrote in a research note.

"The stock market still faced high risks and needed a round of corrections to bring shares back to a more reasonable value," the brokerage added.

Bank of China withdrew 1.7 percent to 4.18 yuan after saying it's studying "various options" to replenish capital yesterday. Shanghai Pudong Development Bank lowered 2 percent to 22.55 yuan. China Construction Bank eased 1.6 percent to close at 6 yuan.

Bucking the downward trend, gold producers advanced on soaring bullion price. Shandong Gold Mining Co rallied 4.2 percent to 79.97 yuan. Zijin Mining Group Co, the country's largest gold producer, increased 2.9 percent to 10.61 yuan. Zhongjin Gold Corp, the second biggest by market value, gained 1.7 percent to 61.70 yuan.

Gold futures for December delivery gained US$1.10 to US$1,165.80 an ounce on the New York Mercantile Exchange's Comex division.

Haitong Securities Co, the nation's second-biggest brokerage, jumped 2.8 percent to 16.01 yuan as it resumed trading after buying a controlling stake in Taifook Securities Group Ltd.


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