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Policy news gives coal, developer shares a nudge

By Yu Xi (Global Times)

08:22, July 05, 2012

The Shanghai and Shenzhen stock markets registered slight losses Wednesday, with a drop in turnover compared with Tuesday, due to downcast market sentiment.

The Shanghai Composite Index declined 1.88 points or 0.08 percent, to close at 2227.32; while the Shenzhen Component Index slumped 38.17 points or 0.40 percent to finish at 9569.16.

Both markets opened higher Wednesday following overnight gains in US markets, but stepped down throughout much of the morning session owing to weak investor confidence. Despite strong performances in military, coal and non-ferrous metal stocks in the afternoon session, the gloomy mood carried both indices down to end with losses.

The power grid, machinery and cement sectors posted the largest declines.

Although coal markets have been hit by flagging demand recently, coal shares extended Tuesday's rise after news emerged that the National Development and Reform Commission and the National Energy Administration would carry out new policies to promote and regulate the coal chemical industry.

The State Council announced Tuesday that the government would create an experimental business zone in the southern city of Shenzhen.

The news gave local real estate stocks a boost. Shenzhen-listed Shahe Industry Co shot to the daily limit to close at 10.77 yuan ($1.69) per share. Shenzhen-listed China Union Holdings Ltd added 5.29 percent to 4.18 yuan.

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