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Shanghai shares dip on sluggish heavyweights

SHANGHAI'S key stock index ended slightly lower in the morning session after swinging between gains and losses, because rises in media firms were overshadowed by sluggish heavyweights.

Then benchmark Shanghai Composite Index dropped 0.33 percent to 2,829.59 points. Turnover stood at 32.5 billion yuan (US$4.8 billion) at midday. Gainers outnumbered losers 414 to 401, with 60 stocks unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.1 percent to close at 977.73 points.

PetroChina, the nation's biggest oil producer and the biggest component of the index, lost 0.54 percent to 12.78 yuan. Sinopec, Asia's largest oil refiner, inched down 0.09 percent to 11.38 yuan.

Bucking the downward trend, media counters advanced after the guidelines to rejuvenate the culture industry were approved by the State Council. Northern United Publishing & Media surged 4.31 percent to 9.67 yuan. Shanghai Xinhua Media Co jumped 3.96 percent to 10.77 yuan.


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