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Technical resistance slows market

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

The benchmark Shanghai Composite Index dipped 0.09 percent, or 2.41 points, to close at 2,764.83 points. Losers outnumbered gainers 476 to 359 while 32 remained unchanged. Turnover stood at 83.33 billion yuan (US$12.25 billion).

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.07 percent to close at 920.34 points.

Property developers led the losses. Gemdale Corp, a Chinese partner of ING Group NV, dropped 3.01 percent to 14.19 yuan. Poly Real Estate Group Co, China's second-largest developer by market value, eased 1.37 percent to 24.49 yuan while Shanghai-based Shimao Property Co slid 3.4 percent to 13.62 yuan.

Automakers were weak. SAIC Motor Corp withdrew 3.42 percent to 14.14 yuan. Dongfeng Automobile Co was down 0.4 percent to 4.93 yuan. Beiqi Foton Motor Co retreated 2.44 percent to 12.77 yuan.

Gold producers bucked the downward trend. Zijin Mining Group gained 3.1 percent to 10.3 yuan. Shandong Gold Mining Co advanced 7.19 percent to 57.55 yuan. Zhongjin Gold Corp jumped by the 10 percent daily cap to 46.55 yuan.

Steel producers continued to climb on rising demand after the real estate market showed signs of recovery. Baoshan Iron & Steel Co, the country's largest steelmaker climbed 1.04 percent to 6.77 yuan. Wuhan Iron & Steel Co added 0.5 percent to 8.06 yuan and Angang Steel Co, China's second-biggest steel maker, increased 2.57 percent to 12.37 yuan.


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