SHANGHAI stocks traded nearly flat this morning as brokerage gains were offset by homebuilder losses. The Shanghai Composite Index added 0.23 points, or 0.01 percent, to 2,288.76. Turnover was 57.8 billion yuan (US$9.5 billion) by midday.

China will deepen the financial market reform, accelerate the development of multi-level capital markets, and steadily promote market-oriented interest rates, Chinese Premier Li Keqiang told business leaders in Switzerland on Friday.

Haitong Securities rose 1.4 percent to 11.41 yuan. CITIC Securities, China's biggest listed brokerage, gained 0.9 percent to 12.79 yuan. Huatai Securities climbed 3.4 percent to 10.26 yuan.

Profits at China's industrial enterprises grew 11.4 percent to 1.61 trillion yuan in the first four months this year, 0.7 percentage points slower than the growth in the first three months, data from the National Bureau of Statistics showed today.

Property developers declined after the National Development and Reform Commission said China is considering expanding a property tax trial to more cities and specific measures will be taken this year.

Gemdale Corporation dropped 1.4 percent to 7.67 yuan.