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Local indices end trading day at odds

By Wang Fei'er  (Global Times)

08:14, June 06, 2012

It was a mixed day for Chinese stock markets Tuesday as the latest macro data and government initiatives to promote growth in the slowing economy helped bolster market sentiment but failed to revive many of the market's most heavily weighted sectors.

The Shanghai Composite Index climbed 0.15 percent, or 3.37 points, to close at 2,311.92, and the Shenzhen Component Index fell 0.28 percent, or 27.40 points, to finish at 9,847.12.

Poor showings from the petroleum, cement and non-ferrous metals sectors kept the two main indices depressed.

China's PMI rose to a 19-month high of 54.7 in May, up from 54.1 in April, HSBC Holdings Plc and Markit Economics reported Tuesday, running counter to the findings of a government-backed survey released Sunday.

The China Securities Regulatory Commission put its plan for an international board on hold, which helped ease investors' concerns that an influx of foreign companies would drain market liquidity.

Market sentiment was further propped up by the insurance regulator, which announced plans to encourage insurers to invest in the stock market.

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