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Banks and air carriers pace decline in Shanghai

SHANGHAI'S key stock index ended lower in the morning session with financial sector and heavyweights going down.

The benchmark Shanghai Composite Index sank 0.64 percent, or 17.55 points, to 2,732.73 Turnover was 48.3 billion yuan(US$7.5 billion).

Banks continued yesterday's weak performance. Industrial & Commercial Bank of China, the nation's biggest lender, was down 0.45 percent to 4.40 yuan. Shanghai Pudong Development Bank lost 1.11 percent to 9.81 yuan. Agricultural Bank of China lowered 1.80 percent to 2.73 yuan.

Air carriers also went down. Air China lost 1.68 percent to 9.37 yuan. China Southern Airlines sank 2.44 percent to 7.59 yuan.

Metal producers were among the gainers among expectation inflation concerns will push up metal demands. China Gold Mining Co surged 7.29 percent to 27.98 yuan. Zijin Mining Co advanced 2.37 percent to 7.34 yuan.



 

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