Chinese shares mixed in morning trade

Chinese share prices were mixed in Friday morning trade with Shanghai marginally lower on profit taking after the market posted the biggest gain in six years the day before, dealers said.

Trade was erratic with the key index changing directions several times, as analysts said investors needed time to digest the news of a stamp duty cut, but said the market would stabilise over the near term.

All seven listed brokerages rose by the 10-percent daily trading limit, boosted by the cut in the stamp duty from 0.3 percent to 0.1 percent, announced late Wednesday, which directly benefits their business, according to dealers.

However, a weak performance in some heavyweights like PetroChina, Industrial and Commercial Bank of China prevented the index turning positive.

The benchmark Shanghai Composite Index, which covers A and B shares, was down 11.06 points or 0.31 percent to 3571.97 at 10:15 am (0215 GMT).

The Shanghai A-share index shed 11.77 points or 0.31 percent to 3,747.84 points, while the Shenzhen A-share index was up 8.23 points or 0.75 percent to 1,102.71.

(Agencies)