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Shanghai shares drop led by gold producers

SHANGHAI'S key stock index edged down in the morning session as investors were divided before the announcement of macro-economic policies for next year at the central economic working conference, which is to close today.

The benchmark Shanghai Composite Index dipped 0.23 percent, or 7.51 points, to close at 3,309.53 points. Turnover stood at 99.37 billion yuan (US$14.6 billion). Gainers outnumbered losers 509 to 354 and 23 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, added 0.45 percent to close at 1,220.21 points.

The annual central economic working conference has attained wide attention because sensitive investors were waiting for government's decisions whether the current boosting measures and easy monetary policy will stay for next year to consolidate the country's economic recovery.

Market focus were around how the government will tackle possible inflation, new supporting measures to boost the low-carbon economy and whether to extend preferential tax policies for house purchasing.

Gold producers led the decliners after the bullion price lost ground. Zijin Mining Group Co, the country's largest gold producer, retreated 2.2 percent to 10.5 yuan. Zhongjin Gold Corp, the second biggest by market value, slid 3.7 percent to 62.02 yuan. Shandong Gold Mining Co tumbled 4 percent to 83.55 yuan.
Coal producers were among the losers. Datong Coal Industry dropped 1.3 percent to 47.65 yuan. Pingdingshan Tianan Coal Mining decreased 1.2 percent to 34.39 yuan. China Shenhua Energy Co withdrew 0.6 to 36.4 yuan.

Steel producers bucked the downward trend. Baoshan Iron & Steel Co gained 0.9 percent to 9.23 yuan. Xinjiang Ba Yi Iron & Steel Co increased 5 percent to 14.55 yuan. Wuhan Iron and Steel was up 0.7 percent to 8.69 yuan.


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