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Index falls to four-week low of 2,763.54

SHANGHAI'S key stock index fell more than 2 percent today to a four-week low after investors sat on the sidelines before the market's eight-day break next Thursday.

The benchmark Shanghai Composite Index dropped 2.65 percent to 2,763.54 points. Turnover shrank to 75.5 billion yuan (US$11.1 billion) from 81.1 billion yuan. Losers outnumbered gainers 773 to 95, with 7 stocks unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 2.61 percent to close at 951.27 points.

Heavyweights led the declines. PetroChina, the nation's biggest oil producer and the biggest component of the index, lost 1.79 percent to 12.62 yuan. Sinopec, Asia's largest oil refiner, retreated 1.58 percent to 11.21 yuan.

Bucking the downward trend, media companies advanced after guidelines to rejuvenate the culture industry were approved by the State Council. Northern United Publishing & Media climbed 2.27 percent to 9.48 yuan. Shanghai Xinhua Media Co jumped 1.74 percent to 10.54 yuan.


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