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May 23, 2019

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Stocks drop below key 2,900 points

China stocks retreated below 2,900 points yesterday, dragged down mainly by the non-ferrous metal sector and iron and steel firms.

The Shanghai Composite Index dipped 0.49 percent to close at 2,891.7 points. The Shenzhen Component Index also fell 0.51 percent to 9,041.22 points and the blue-chip CSI300 index edged down by 0.47 percent to 3,649.38 points.

The turnover on the two major bourses shrank slightly to 469.26 billion yuan (US$68 billion), compared with the 479.47 billion yuan on Tuesday.

Shares related to the rare-earth permanent magnet sector led the losses, reversing the strong gains in the previous two sessions. Sinosteel Anhui Tianyuan Technology Co tumbled by 8.3 percent, while Hengdian Group DMEGC Magnetics Co, Chengdu Galaxy Magnets Co and Beijing Zhong Ke San Huan High-Tech Co all lost over 6 percent.

The Wind Information’s sub-index dropped by 1.59 percent. Sinosteel Anhui Tianyuan Technology Co slumped 8.3 percent.


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