Shanghai A-shares/morning close -- (Sino-U.S. accord has little impact)
Newland Securities analyst Yu Ziqian said the wording of the expression of regret has left China with an opportunity to claim victory in its bid to make the U.S. apologise for the collision of the U.S. aircraft and a Chinese fighter jet, and the U.S. aircraft's entry into Chinese airspace. He said the wording also allows the country to concede in a way which prevents too much damage to Sino-U.S. relations. Hong Kong-Macau Investment dealer Tang Jie said sentiment has also been little affected by the rise of the composite index to a series of record highs over recent days, adding that turnover has not strengthened significantly since the index reached record high levels. Amid a lack of fresh leads, the A-share upside potential appears limited, he said, adding that he does not expect the composite index to rise above 2,200 points. Meanwhile, the downside risk also appears limited, since investors remain confident in the government's commitment to maintaining market stability, while they have yet to accumulate leeway for profit-taking, given that prices have remained largely rangebound for several months, he said. On its first day of trading, Goldfield Industries closed the morning at 27.03 yuan, up 17.61 from its issue price of 9.42 on 53.5 mln shares. Baoshan Iron & Steel declined 0.03 to 5.63 on 7.7 mln shares, while Baotou Steel Union dropped 0.01 to 6.78 on 3.6 mln shares and Beiman Special Steel shed 0.18 to 8.21 on 2.5 mln shares. China Minsheng Banking fell 0.06 to 19.18 on 2.2 mln shares. Sichuan Changhong declined 0.03 to 11.94 on 1.7 mln shares. Among B-shares, Shanghai Lujiazui Finance rose 0.02 usd to 0.833 on 12.7 mln shares, while Worldbest Kama gained 0.036 to 0.785 on 10.7 mln shares. Zhejiang Southeast Electric Power shed 0.001 to 0.822 on 7.6 mln shares, while Heilongjiang Electric Power fell 0.002 to 0.847 on 5.2 mln shares.
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