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Stocks creep lower in morning session

SHANGHAI'S key stock index ended lower in the morning session, led by lenders and property developers.

The benchmark Shanghai Composite Index was down 0.12 percent, or 3.72 points, to end the session at 3,180.03 points. Turnover stood at 87.04 billion yuan (US$12.8 billion). Gainers outnumbered losers 497 to 332 and 39 did not change.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.51 percent to 1,081.86 points at 11:30am.

Shanghai Lujiazui Finance & Trade Zone inched down 0.29 percent to 27.7 yuan. Poly Real Estate Group Co, China's second-largest developer by market value, eased 1.22 percent to 29.22 yuan. Shanghai-based Shimao Property Co was off 0.34 percent to 17.83 yuan and Gemdale Corp slid 1.28 percent to 17.69 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, retreated 1.32 percent to 5.24 yuan. China Construction Bank withdrew 1.77 percent to 6.11 yuan. Bank of China decreased 1.11 percent to 4.46 yuan.


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