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Shanghai stocks close flat as investors grow cautious

SHANGHAI'S stock market almost remained unchanged in the morning session with investors staying cautious as the benchmark index fluctuated around 3,300 points.

The benchmark Shanghai Composite Index was down 0.09 percent, or 2.85 points, to close at 3,300.38 points. Turnover was 104.2 billion yuan(US$15.3 billion). Gainers outnumbered losers 444 to 323, and 45 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.34 percent to close at 1,192.51 points.

Banking shares eased. Industrial & Commercial Bank of China, the nation's biggest lender, dropped 1.26 percent to 5.50 yuan. Shanghai Pudong Development Bank lowered 1.17 percent to 23.70 yuan. China Construction Bank dipped 0.47 percent to close at 6.31 yuan.

The energy sector buckled the downward trend as cold weather boosted fuel and coal demand. Changchun Gas Co Ltd surged the daily limit of 10 percent to 9.63 yuan. Shanxi Provincial Natural Gas Co rallied 9.34 percent to 23.88 yuan. Taiyuan Coal Gasification Co Ltd advanced 3.38 percent to 24.80 yuan.

Huaneng Power International Inc said it has got government approval to build a 600-megawatt power generating unit at its Yueyang Power Plant, which will cost 2.5 billion yuan. Its shares rose 0.36 percent to 8.28 yuan.

Deutsche Bank AG said it will increase its stake in Huaxia Bank Co from 13.7 percent to 17.1 percent to become its biggest shareholder for 81.6 million Euros. Huaxia Bank added 1.33 percent to 12.19 yuan.

Property developers remained weak. Shanghai Shimao Co Ltd dropped 1.47 percent to 18.76 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 0.53 percent to 28.22 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co Ltd was down 0.53 percent to 18.68 yuan.

Metal producers were among the gainers. Zijin Mining Co rose 1.42 percent to 9.99 yuan. Shandong Gold Mining Co added 2.61 percent to 75.88 yuan. Zhongjin Gold Co was up 1.64 percent to 61.33 yuan.


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