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Turnover up but market subsides

SHANGHAI'S key stock index ended lower today amid broad selling-off with turnover swelling at the morning break.

The benchmark Shanghai Composite Index dipped 0.41 percent, or 11.35 points, to close at 2,767.24 points. Losers outnumbered gainers 508 to 342 while 20 remained unchanged. Turnover swelled to a record 179.53 billion yuan (US$26.4 billion) from 159.93 billion yuan the previous trading day.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.01 percent to close at 920.95 points.

Heavyweights and coal producers led the losses. PetroChina, the biggest component index and China's top oil producer, dropped 1.67 percent to 14.15 yuan. China Shenhua Energy Co, Asia's largest coal producer, retreated 0.26 percent to 27.23 yuan and Yanzhou Coal Mining Co, the listed unit of China's fourth-biggest coal miner, eased 0.65 percent to 15.31 yuan.

Gold producers reversed earlier gains and were on the losing side. Zijin Mining Group fell 2.35 percent to 9.99 yuan. Shandong Gold Mining Co lost 2.01 percent to 53.69 yuan.

Steel producers bucked the downward trend. Baoshan Iron & Steel Co, the country's largest steelmaker, jumped 4.69 percent to 6.7 yuan. Wuhan Iron & Steel Co added 3.89 percent to 8.02 yuan and Angang Steel Co, China's second-biggest steel maker, climbed 4.42 percent to 12.06 yuan.


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