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Shanghai market unchanged in morning

SHANGHAI'S key stock index remained almost unchanged in the morning trade as new share sales withdrew capital from the market.

The benchmark Shanghai Composite Index dipped 0.10 percent, or 3.43 points, to close at 3,271.03 points. Turnover was 67.7 billion yuan (US$9.9 billion).

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.61 percent to close at 1,207.48 points.

The second batch of companies to be listed on China's Nasdaq-style board are seeking to raise 4.9 billion yuan from the initial public offerings. The eight startups started subscription today on the ChiNext bourse, issuing a total of 198 million new shares.

China Shipbuilding Industry Co closed at 8.52 percent on its debut in Shanghai as of 11:30 am, a 15.45 percent jump from its offering price. The nation's biggest shipping equipment maker raised 14.7 billion yuan in China's third-largest initial public offering this year.

China Shenhua Energy Co said its coal output rose 8.3 percent from a year ago to 17 million metric tons in November. Its share price was up 0.23 percent to 35.29 yuan.

Suning Appliance Co said it has won regulatory approval to sell as many as 200 million shares to raise 2.8 billion yuan through a private placement. The stock lowered 1.45 percent to 19.76 yuan.

Property shares remained flat as investors see limited profitability after the Cabinet pledged to curb soaring house price. China Vanke Co, the biggest listed domestic real estate developer, dipped 0.53 percent to 11.33 yuan. Gemdale Corporation lost 1.36 percent to 14.54 yuan. Poly Real Estate Group lowered 0.84 percent to 23.55 yuan.

Financial shares and banking sector were also weak. China Pacific Insurance (Group) Co Ltd lost 0.92 percent to 25.79 yuan. Shanghai Pudong Development Bank lost 0.27 percent to 21.95 yuan and China Construction Bank dipped 0.33 percent to 6.06 yuan.


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