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March 3, 2010

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Shanghai stocks fall ahead of meetings

SHANGHAI'S stocks closed lower yesterday as most heavily weighted shares were flat ahead of the Chinese People's Political Consultative Conference which starts today.

The Shanghai Composite Index lost 0.48 percent, or 14.73 points, to close at 3,073.11. Turnover totaled 124.6 billion yuan (US$18.2 billion).

Steel makers and oil firms were weak. Baoshan Iron and Steel Co, China's biggest steel maker, fell 1.34 percent to 8.09 yuan. PetroChina dipped 0.84 percent to 12.95 yuan. Wuhan Iron & Steel lost 1.16 percent to 6.83 yuan.

The annual meetings of the CPPCC and the National People's Congress are important and "investors should pay attention to ... see if there is any shift in policy," said Chen Wei, an analyst at United Securities.

Low carbon technology-related shares gained after the Securities Times reported yesterday that a proposal to promote a low emission and green economy will top the CPPCC meeting.

Jiangsu Guotai International Group gained 8.61 percent to 25.85 yuan and Shenzhen Desay Battery Technology Co Ltd rose 10 percent to 11.61 yuan.

Another gainer was Beijing Yanjing Brewery Co which said it plans to raise 1.2 billion yuan by selling five-year convertible bonds. Its shares rose 3.16 percent to finish at 20.82 yuan.

Metal suppliers dropped on profit taking after Monday's rise.

Yunnan Copper Co retreated 4.74 percent to 26.72 yuan, Jiangxi Copper sank 4.62 percent to 36.76 yuan and Zhongjin Gold Mining Co lost 1.59 percent to 49.55 yuan.


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