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November 21, 2009

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Index dips on weak banks and oil firms

SHANGHAI stocks dropped for the first time in six days yesterday due to a weak performance of banks and oil producers in a flat market ahead of the weekend.

The benchmark Shanghai Composite Index dipped 0.37 percent, or 12.27 points, to close at 3,308.35. Turnover was 200.1 billion yuan (US$29.3 billion).

The key index gained 3.79 percent this week.

"The Shanghai market will not see a very big retreat in the next few weeks although some small fluctuations are possible," Dong Wu Securities wrote in a note.

Benchmark crude gave up US$2.12 to settle at US$77.46 a barrel on Thursday in New York, as the US dollar strengthened and commodities dropped. China Petroleum and Chemical Corp, Asia's largest refiner and also known as Sinopec, shed 1.8 percent to 12.53 yuan. PetroChina, the country's top oil producer, dipped 0.92 percent to 14.03 yuan.

Banks fell, with the Industrial and Commercial Bank of China, the nation's biggest lender, dropping 1.26 percent to 5.48 yuan. Shanghai Pudong Development Bank shed 0.76 percent to 23.62 yuan, and China Construction Bank was off 1.26 percent to 5.48 yuan.

Brokerages rose. Changjiang Securities said it will open 12 to 16 more representative offices in the country to bring its total number to around 70. Its shares surged by the daily limit of 10 percent to 20.30 yuan. Guoyuan Securities rose 2.41 percent to 21.63 yuan.


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