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Shanghai shares barely move as investors turn cautious

SHANGHAI'S key stock index almost remained unchanged in the morning session as investors turned cautious after yesterday's hike.

The benchmark Shanghai Composite Index edged up 0.20 percent, or 5.72 points, to close at 2,850.75 points. Turnover was 121.9 billion yuan(US$12.3 billion). Gainers outnumbered losers 591 to 257 and 62 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.14 percent to close at 1,096.71 points.

China Vanke Co, the country's biggest listed real estate developer, said its property sales in August rose 18 percent from a year earlier to reach 4.82 billion yuan, the smallest increase since March. The stock rose 1.82 percent to 11.18 yuan. Gemdale Corporation added 1.38 percent to 13.97 yuan. Shanghai Shimao Co Ltd was up 0.21 percent at 14.20 yuan.

Financial shares showed mixed results. China Pacific Insurance (Group) Co Ltd dipped 0.05 percent to 21.00 yuan. Ping An Insurance (Group) Co was up 0.37 percent at 49.15 yuan. China Life Insurance Co Ltd, the country's largest life insurance company, lost 0.69 percent to 27.30 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, was up 0.21 percent at 4.76 yuan. Shanghai Pudong Development Bank edged down 0.05 percent to 20.22 yuan. China Construction Bank was down 0.17 percent to close at 5.72 yuan. Bank of Communications rose 0.91 percent to 6.83 yuan.

Metal producers were strong as gold futures rose 2 percent to US$997.7 an ounce in New York, the first time it has climbed above US$990 in six months. Shandong Gold Mining Co surged 8.05 percent to 55.85 yuan. Zijin Mining Co advanced 4.55 percent to 9.19 yuan. Zhongjin Gold Co hiked 6.48 percent to 55.70 yuan.


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