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Shanghai shares drop on weak brokerages

SHANGHAI'S key stock index closed more than 1 percent lower in the morning session, led by brokerages, as the number of newly opened equity trading accounts declined for the sixth consecutive week.

The benchmark Shanghai Composite Index fell 1.69 percent to 2,982.57 points. Turnover stood at 91.65 billion yuan (US$13.45 billion). Losers outnumbered gainers 615 to 254, with 10 unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.28 percent to close at 1,036.27 points.

A total of 324,856 trading accounts were opened last week, less than half of this year's high of 700,617 in the five days ending on July 31,the China Securities Depository & Clearing Corp said today.

The decline in account opening came after the benchmark slumped 22 percent in August, the first monthly loss this year, on concerns a plunge in bank loans would hurt the market liquidity.

Brokerages were weak. Sinolink Securities Co slid 3.5 percent to 21.43 yuan and Changjiang Securities Co eased 3.35 percent to 19.6 yuan. Haitong Securities Co, the country's largest listed brokerage, retreated 2.52 percent to 14.31 yuan.



 

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