China's benchmark Shanghai Composite Index,which covers both A and B shares on the Shanghai Stock Exchange, closed at 4,210.33 points on Tuesday, down 0.07 percent or 3.03 points from the previous close.

The Shanghai Stock Exchange opened at 4,238.32 points. Early growth was led by steel and property shares. Angang Steel soared by 7.47 percent to 21.00 yuan. China Vanke, the nation's biggest publicly traded property developer, closed 2.62 percent higher at 27.05 yuan.

The morning upswing gave way to a slight drop in the afternoon as the share prices of the market heavyweights declined.

The Industrial and Commercial Bank of China went down 1.04 percent to 5.69 yuan while the Bank of China dropped 0.92 percent to 5.36 yuan.

The combined turnover of the nation's two bourses dropped to 218.2 billion yuan from 230.8 billion yuan on Monday.

Analysts at Shenyin Wanguo Securities said that the correction and the bullish market would continue.

(Xinhua News Agency July 25 2007)