Shanghai market dips in morning

SHANGHAI'S key stock index edged down this morning, setting for a three-day losing streak, as coal producers weighed on the market on lower coal prices. The benchmark Shanghai Composite Index edged down 0.3 percent, or 9.8 points, to 2,888.34.

Turnover stood at 50 billion yuan (US$7.5 billion) The Shenzhen Composite Index, which tracks the smaller mainland market, was down 0.1 percent to 1,345.51. Coal price at Qinhuangdao port, the benchmark of China's market, fell an average 0.17 percent this week as coal stockpiling in power plants is sufficient to combat the cold front recently. Datong Coal Industry Co retreated 1.2 percent to 21.96 yuan. Shanxi Xishan Coal and Electricity Power withdrew 1.5 percent to 25.70 yuan.

PetroChina, the largest component of the index, slid 1.6 percent to 11.50 yuan after oil fell to a two-week low. Elsewhere, Chongqing Chang'an Automobile Co advanced 2 percent to 10.78 yuan after the Chinese partner of Ford Motor Co and Mazda Motor Corp received regulatory approval to raise no more than 4 billion yuan through private placement to fund expansion of production capacity and boost research and development. Bucking the downward trend, aluminum shares rallied on price rebounds. Aluminum Corp of China jumped 2.3 percent to 10.48 yuan.

Guangdong Dongyangguang Aluminum Co advanced 3.9 percent to 18.85 yuan.

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