| Shanghai stocks flat after record-setting day |
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SHANGHAI, Aug. 8 -- BANK shares prevented Shanghai stocks from plunging during heavy selling this morning.
The Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, shed 3.24 points, or 0.07 percent, to finish at 4,647.99 at 11:30am. Stocks closed at a record high for the fourth straight day yesterday.
The Shenzhen Composite Index, which covers the smaller mainland stock market, lost 15.98 points, or 1.18 percent, to 1,335.14.
The Industrial and Commercial Bank of China jumped 6.55 percent to 6.18 yuan (82 US cents) per share and China Merchants Bank grew 3.59 percent to 34.30 yuan.
The real estate, steel and metal sectors all dropped on concern that recent gains were excessive.
China Vanke Co, the country's biggest listed developer, lost 3.09 percent to 32.35 yuan and Poly Real Estate Group Co dropped 4.43 percent to 72.45 yuan.
Baoshan Iron & Steel Co decreased 2.61 percent to 15.31 yuan and Wuhan Iron & Steel Co was down 3.18 percent to 14.33 yuan.
Jiangxi Copper, China's second-biggest copper producer, lost 3.66 percent to 35.50 yuan and Aluminum Corp of China, the nation's biggest producer of the metal, dropped 2.58 percent to 30.99 yuan.
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