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Stock market edges lower in morning

SHANGHAI'S key stock index closed slightly lower in the morning session among profit taking and weak performance of banking sector.

The benchmark Shanghai Composite Index dipped 0.43 percent, or 14.14 points, to close at 3,255.61 points. Turnover was 96.5 billion yuan (US$14.1 billion). Losers outnumbered gainers 485 to 370 and 58 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.08 percent to close at 1,229.19 points.

Banks retreated after China Securities Journal said today China may have 5 trillion yuan to 7 trillion yuan of new loans next year, citing central bank researcher Bu Yongxiang. M2 money supply may rise 16 percent to 17 percent next year, the report said. New loans from domestic banks in the first 10 months this year was 8.92 trillion yuan, far above its target of 5 trillion yuan at the beginning of this year.

Industrial & Commercial Bank of China, the nation's biggest lender, lost 1.31 percent to 5.26 yuan. Shanghai Pudong Development Bank was down 0.99 percent to 22.05 yuan. China Construction Bank lowered 1 percent to close at 5.95 yuan.

China Eastern Airlines Corp said it had won approval from the securities regulator to issue no more than 1.35 billion A shares to institution investors in a non-public offering. It shares were down 1.27 percent to 6.24 yuan.

Huadian Power International Corp said it has sold 750 million shares at 4.70 yuan per share in a private placing and raised 3.45 billion yuan to increase investment in power plant facilities. Its shares lowered 1.25 percent to 5.54 yuan.

Property shares showed mixed results. China Vanke Co, the biggest listed domestic real estate developer, was down 1.45 percent to 11.58 yuan. Gemdale Corporation lost 2.07 percent to 15.62 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd jumped 5.73 percent to 29.14 yuan.

Steel producers were among the gainers. Baoshan Iron & Steel Co jumped 3.30 percent to 9.08 yuan. Beijing Shougang Co Ltd added 2.96 percent to 6.27 yuan. Wuhan Iron & Steel was up 1.19 percent to 8.53 yuan.


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