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Stocks end lower after seven-day gain

SHANGHAI'S key stock index ended its seven-day winning streak and closed nearly one percent lower today, led by sluggish heavyweights amid profit taking.

The benchmark Shanghai Composite Index dropped 0.73 percent, or 21.38 points, to close at 2,924.88 points. Turnover shrank to 116.9 billion yuan (US$17.19 billion) from 153.3 billion yuan. Losers outnumbered gainers by 611 to 239 and 23 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.98 percent to close at 1,000.63 points.

"The barometer may experience wider fluctuations under pressure from profit-taking around 3,000 points," said Shenyin & Wanguo Securities Co.

"A rebound hinges on whether August's macro-economic data to be unveiled tomorrow will show a sound economic recovery."

PetroChina, the nation's biggest oil company and the biggest component of the index, lost 0.59 percent to 13.4 yuan. Sinopec, the country's largest oil refiner, fell 1.91 percent to 11.82 yuan.


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