Shanghai index slightly down on weaker banks and developers

SHANGHAI'S stock market was slightly lower in the morning session as gold miners gained while banks and the property sector were weak. The benchmark Shanghai Composite Index dipped 0.07 percent, or 2.09 points, to 3,024.58. Turnover fell to 74.2 billion yuan (US$ 11.4 billion) from yesterday morning's 84.6 billion yuan. Gold miners jumped after gold bullion prices touched US$1,509.60 per ounce yesterday in New York as the US dollar index dropped to a record low in 32 months. Zhongjin Gold Mining Co was up 2 percent to 40.04 yuan. Zijin Mining Co edged up 0.5 percent to 8.13 yuan. Banks and property developers dropped. Agricultural Bank of China fell 0.7 percent to 2.90 yuan. China Construction Bank fell 0.6 percent to 5.21 yuan. China Vanke, China's largest property developer, was down 0.8 percent at 8.61 yuan. Gemdale Corp lost 0.6 percent to 6.66 yuan.

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