Shanghai shares close flat

Financial counters retreated while airlines and raw material shares were among the gainers.
Shanghai shares close flat

Shanghai stocks closed generally flat today and although financial shares lost, airlines and raw material companies posted gains.

The Shanghai Composite Index dipped 0.05 percent to end at 3,363.63 points.

Financial and insurance shares gave up their gains following previous rallies. Industrial Bank lost 2.14 percent and China Life Insurance shed 2.07 percent to 29.39 yuan.

Brokerages, however, rose, with China Merchants Securities adding 0.88 percent and Pacific Securities gaining 0.71 percent to 4.27 yuan.

Airlines took off as a stronger yuan is likely to benefit their earnings. China Southern Airlines rose 4.98 percent and Air China climbed 3.06 percent to 9.42 yuan.

Metal producers also gained, with Aluminum Corporation of China Ltd surging 7.7 percent, Yunnan Aluminium Co jumping 8.73 percent to 13.32 yuan and Yunnan Copper Co rising 1.42 percent.

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