TURNOVER in the Shanghai stock market fell more than 20 percent although the key index ended generally stable yesterday which was the first of a three-day national mourning period to honor the victims of the May 12 earthquake in Sichuan Province.

The Shanghai Composite Index lost only 19 points to 3,604.76 after reaching an intraday high of 3,624.84. Turnover in the local market shrank to 68.55 billion yuan (US$9.79 billion), versus 90.78 billion yuan last Friday. Losers outnumbered gainers 441 to 378 while 88 stocks were unchanged.

Trading in both Shanghai and Shenzhen bourses was suspended for three minutes at 2:28pm as a mark of respect to all victims of the 8.0 magnitude quake, the deadliest in China over the past 32 years, which has claimed at least 34,073 lives.

"Maintaining a stable stock market is perhaps what we could do right now to show our support in a time of great disaster and grief,'' said Wang Xingjun, an analyst at Donghai Securities Co Ltd. "The rather weak momentum in the market also somewhat reflected people's heart-felt distress.''

Cement stocks led gainers as investors expect huge demand for the material for reconstruction work.

Taiyuan Lionhead Cement Co soared 10.04 percent to 7.78 yuan and Hebei Taihang Cement rose 10.03 percent to 7.24 yuan. Fujian Cement Co and Huaxin Cement Co also jumped by the daily ceiling to 9.33 yuan and 29.59 yuan, respectively.

Brokerages and property developers were among major losers. Changjiang Securities Co dropped 4.25 percent to 28.15 yuan and Northeast Securities tumbled 3.56 percent to 32.25 yuan.

Property firms lost on concerns higher mortgage rates will deter home buying. China Vanke Co, the largest publicly listed property developer, fell 4.2 percent to 20.75 yuan. Poly Real Estate Group Co, the second-largest by market value, fell 3.48 percent to 19.11 yuan.