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May 21, 2019

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Agricultural shares drag down stocks

China stocks edged down yesterday, dragged by the slump in the agricultural sectors.

The benchmark Shanghai Composite Index dipped 0.41 percent to close at 2,870.6 points. The smaller Shenzhen Component Index also dropped 0.93 percent to 8,916.11 points and the blue-chip CSI300 index ended 0.85 percent lower at 3,617.79 points.

The turnover on the two major bourses totaled 462.74 billion yuan (US$66.92 billion), shrinking sharply compared with the 573.72 billion yuan in the previous session.

Stocks related to the anti-tariff concept led the decline, according to the Wind Information, among which shares of five relevant companies tumbled by the daily limit of 10 percent.

Agricultural shares such as Southwest Securities Co, Yuan Longping High-tech Agriculture Co and Shandong Denghai Seeds Co all nosedived by the maximum 10 percent. Companies related to the pig industry posted sharp losses, with Dymatic Chemicals and Hunan New Wellfull Co both slumping by the 10 percent daily cap.


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