Dai Qian/Shanghai Daily news

Shanghai stocks edged lower yesterday due to a tight capital supply and profit taking, analysts said.
The Shanghai Composite Index, which groups both yuan-dominated A shares and hard-currency B shares, dipped 1.25 percent to finish at 1,096.99. The A-share index also dropped 1.25 percent to 1,153.07 while the B-share index closed down 0.6 percent at 60.95.
"Few funds are left for stocks as money has gone into warrants including those of Baoshan Iron & Steel and Wuhan Iron & Steel," said stock analyst Zhang Qi from Haitong Securities Co.
Zhang predicted the index would hover around 1,100 points as investors remain cautious without a hot stock to lead the market for the last month of this year.
Telecommunications counters were losing ground for lack of fresh leads, dealers said.
Nanjing Panda Electronics fell 5.51 percent to 4.63 yuan (57 US cents), becoming the biggest loser among major cell phone makers and operators of 3G technology.
Also dropping was Datang Mobile, which lost 4.97 percent to 7.65 yuan.
China United Telecommunications Corp, the nation's second-largest mobile operator, edged 1.15 percent lower to 2.59 yuan.
"Investors' confidence is weaker in telecommunications firms as the third-generation technology requires significant investment but does not guarantee profit" Zhang said.
In Shenzhen, small- and medium-sized enterprises were snapped up yesterday after the Shenzhen Stock Exchange announced it would launch an independent index for the sector tomorrow.
The strongest gains were made by Dazu Laser Technology Co. It jumped 4.5 percent to close at 11.61 yuan, followed by Vantage Gas Appliance Stock Co, which added 3.22 percent to finish at 4.81 yuan.
The index will be based on all 50 medium- and small-sized companies in the sector. Hainan Airlines Co, China's fourth-biggest carrier, fell 1.98 percent to finish at 2.47 yuan.