Market keeps sliding in morning

Shanghai's key stock index continues to fall as market sentiment remained low amid tightening measures. The benchmark Shanghai Composite Index fell 0.72 percent to 2,548.19 points. Turnover fell to 33.8 billion yuan (US$5.3 billion) from yesterday morning's 42.3 billion yuan. "Prices level is still high in August and the liquidity is under pressure of more strict control on banks' reserves," the Founder Securities wrote in a report. Baoshan Iron & Steel Co dropped 1.5 percent to 5.25 yuan after reporting first half net profit dropping 37 percent from a year earlier on slowing demand and rising costs. The company also predicted a gloomy outlook for the second half of the year. Distillers led the gainers after three largest firms reported profits rose averagely 35 percent in the first half from last year. Wuliangye Yibin Co gained 1.7 percent to 40.06 yuan. Sichuan Swellfun Co edged up 0.4 percent to 24.15 yuan.

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