Stocks nearly flat in morning trade

Date:2011-11-15     Source:liupengjuliuhongli  Text Size:

SHANGHAI'S key stock index was almost unchanged in the morning session today.

The benchmark Shanghai Composite Index dipped 0.05 percent to 2,527.5 points. Turnover was 44.5 billion yuan (US$7 billion).

Energy and resource shares were mixed after President Hu Jintao pledged to stabilize commodity prices and maintain normal market order. PetroChina fell 0.6 percent to 10.12 yuan. Jiangxi Copper Co lost 0.8 percent to 28.03 yuan.

Banks were weak after Bank of America Corp, the second largest lender in the United States by assets, had agreed to sell most of its remaining stake in China Construction Bank after divesting about 13 billion shares in August.

China Construction Bank was unchanged at 4.86 yuan and said the sales of shares would have no impact on its operations. Agricultural Bank of China fell 0.75 percent to 2.64 yuan.

Power generators extended yesterday's gains on speculation that China will soon raise electricity prices to prevent utilities from racking up huge losses. TOP Energy Co jumped 5.7 percent to 8.98 yuan. GD Power Development Co rose 1.85 percent to 2.75 yuan.

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