Stocks in Shanghai traded sharply lower in late Tuesday morning trade, with the Shanghai Composite Index swinging from mild gains in the early minutes to sit 4.1% lower just ahead of the midday break. While preliminary June Chinese manufacturing data from HSBC showed a mild improvement from the previous month, the support from the numbers was fleeting. The Shanghai Composite Index had lost 13% last week, and was trading for the first time this week after a three-day holiday. Some of the major names in Shanghai and the smaller Shenzhen market again saw heavy losses, with Gemdale Corp. down 6%, Aluminum Corp. of China Ltd. down 6.7% and Huadian Energy Co. down 9.6%. But a few blue chips found support for solid gains, including China Vanke Co. (up 1.9%), Ping An Insurance Group Co. (up 2%), Industrial & Commercial Bank of China Ltd. (up 1.4%) and China Southern Airlines Co. (up 2.4%)
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