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Uncertainty helps shrink market turnover at midday

SHANGHAI'S key stock index closed slightly higher in the morning session with shrinking turnover as the market remained uncertain about the outlook for the economy.

The benchmark Shanghai Composite Index edged up 0.18 percent, or 4.55 points, to close at 2,584.30 points as of 11:30am. Turnover was 55.8 billion yuan (US$8.12 billion). Gainers outnumbered losers 520 to 300 and 88 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.79 percent to close at 856.57 points.

China Vanke Co, the largest listed domestic property developer, rose 1.22 percent to 9.92 yuan. Gemdale Corporation advanced 3.79 percent to 14.25 yuan. China Merchants Property Development Co Ltd added 2.12 percent to 28.40 yuan.

Baoshan Iron and Steel Co, China's biggest steel maker, advanced 2.92 percent to 6.34 yuan. Inner Mongolian Baotou Steel Union Co Ltd added 1.09 percent to 3.72 yuan. Maanshan Iron & Steel Co Ltd was up 2.43 percent to 4.22 yuan.

Coal producers were also among the gainers. Shanxi Coking Co Ltd rose 1.72 percent to 7.08 yuan. Zhengzhou Coal Industry & Electric Power Co Ltd gained 2.92 percent to 8.12 yuan. Shanxi Antai Group Co Ltd added 2.58 percent to 6.37 yuan.

Banks showed mixed results. Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.23 percent to 4.30 yuan. Bank of China lost 0.28 percent to 3.60 yuan. Shanghai Pudong Development Bank rose 1.65 percent to 25.31 yuan. Bank of Communications added 2.05 percent to 7.45 yuan.


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