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Technical resistance curbs market

SHANGHAI'S key stock index ended slightly lower today as the index met technical resistance after reaching a high this round.

The benchmark Shanghai Composite Index dipped 0.48 percent, or 13.35 points, to close at 2,753.89 points. Losers outnumbered gainers 501 to 343 while 23 remained unchanged. Turnover shrank to 154 billion yuan (US$22.65 billion) from 179.53 billion yuan the previous trading day.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.41 percent to close at 917.21 points.

Property developers led the losses. Gemdale Corp, a Chinese partner of ING Group NV, dropped 1.57 percent to 14.4 yuan. Poly Real Estate Group Co, China's second-largest developer by market value, eased 1.13 percent to 24.55 yuan while Shanghai-based Shimao Property Co slid 2.77 percent to 13.71 yuan.

Automakers were weak. SAIC Motor Corp dropped 3.76 percent to 14.09 yuan. Dongfeng Automobile Co was down 1.62 percent to 4.87 yuan. Beiqi Foton Motor Co retreated 2.6 percent to 12.75 yuan.

Gold producers bucked the downward trend. Zijin Mining Group gained 1.8 percent to 10.17yuan. Shandong Gold Mining Co advanced 7.73 percent to 57.84 yuan. Zhongjin Gold Corp jumped by the 10 percent daily cap to 46.55 yuan.


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