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Shanghai market treads water in morning trade

SHANGHAI'S key stock index ended almost unchanged in the morning session after US markets tumbled overnight.

The benchmark Shanghai Composite Index dipped 0.15 percent, or 3.89 points, to close at 2,606.73 points. Gainers outnumbered losers 533 to 263 while 35 remained unchanged. The half-day turnover stood at 52.84 billion yuan (US$7.77 billion).

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.24 percent to close at 880.24 points.

PetroChina and coal producers dropped and led the market down after oil prices slid 1.6 percent overnight. PetroChina, the largest oil producer and the biggest component index, withdrew 1.21 percent to 13.01 yuan.

China Shenhua Energy Co, Asia's largest coal producer, lowered 2.44 percent to 25.99 yuan. Datong Coal industry Co, China's second-largest coal company by capacity, eased 1.36 percent to 36.35 yuan. Pindingshan Tian'an Coal Mining Co was off 1.05 percent to 35 yuan.

The green energy sector was strong after the government pledged to support the green energy industry to stimulate the country's economy. Shanghai Shenhua Holdings Co, which is involved with wind power generation, surged 5.73 percent to 4.43 yuan. Jiangsu Sunshine Co, which deals with electric power and steam marketing, advanced 2.75 percent to 5.98 yuan. Wuzhou Minovo Co, which deals in the manufacture and sale of electric equipment, added 1.9 percent to 12.35 yuan.


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