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Uncertainty dampens morning market

SHANGHAI'S key stock index lowered in the morning session with the market uncertain about the resumption of initial public offerings and the unlocking of nontradable shares.

The benchmark Shanghai Composite Index was down 0.59 percent, or 16.43 points, to close at 2,780.89 points. Turnover was 57.3 billion yuan (US$8.4 billion). Losers outnumbered gainers 652 to 199 and 57 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.88 percent to close at 914.47 points.

Financial shares dragged down the index. Bank of Communications was down 0.85 percent to 8.17 yuan. Shanghai Pudong Development Bank lost 1.19 percent to 20.79 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, lowered 0.63 percent to 4.76 yuan.

Haitong Securities dipped 0.30 percent to 16.44 yuan. Sinolink Securities lost 1.17 percent to 19.38 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lowered 1.32 percent to 23.98 yuan.

Air carriers were also weak. Air China, the Air China, the biggest carrier by market value, lost 2.27 percent to 6.46 yuan. China Southern Airlines Co Ltd lowered 2.09 percent to 5.15 yuan. Hainan Airlines buckled 3.90 percent to 5.17 yuan.

Steel producers bucked the downward trend. Hebei Jinniu Energy Resources Co Ltd added 1.77 percent to 33.94 yuan. Henan Shenhuo Coal Industry and Electricity Power Co Ltd was up 0.90 percent to 27.95 yuan. Shanxi Xishan Coal and Electricity Power Co Ltd gained 0.83 percent to 26.58 yuan.


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