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April 24, 2019

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Stocks extend losses, drop below 3,200

Shanghai stocks continued to fall yesterday, dropping below 3,200 points dragged down by defense, military and communications stocks.

The Shanghai Composite Index dropped another 0.51 percent to close at 3,198.59 points. The Shenzhen Component Index fell 0.97 percent to 10,124.66 points and the blue-chip CSI300 index closed 0.16 percent down at 4,019.01 points.

Turnover on the two major bourses shrank sharply to 733.01 billion yuan (US$109 billion) from 804.21 billion yuan on Monday. Stocks of 78 companies listed on the A-share markets tumbled by the daily limit of 10 percent.

The national defense and military sector led the fall. SSC Offshore & Marine Engineering Group slumped 9.53 percent, and China Harzone Industry Corp also dropped sharply by 8.33 percent.

Media shares also posted losses. Shenzhen Capstone Industrial Co and Sichuan XunYou Network Technology Co both took a nosedive by the 10-percent daily cap.

Leshi Internet Information & Technology Corp fell by the daily limit shortly after opening to be a new eight-month low.

Leshi issued a notice on Monday evening announcing the pledge of 500,000 shares — or 0.01 percent of the company — owned by founder and major shareholder Jia Yueting were lifted on April 16.

Leshi also once again issued a reminder that it is at risk of being suspended from listing, as its net assets in 2018 are expected to be negative.

Its 2018 annual report will be released on Friday.


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