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Banks, insurers pull index down

SHANGHAI'S key stock index closed lower yesterday as insurers and banks tumbled.

The Shanghai Composite Index dipped 0.48 percent, or 13.53 points, to close at 2,776.02 points. Turnover was 108.2 billion yuan (US$15.8 billion), compared to Monday's 108.6 billion yuan.

"The market is still uncertain about the outlook of the economy. The shrinking turnover suggests investors may be reluctant to invest before there's a clear sign of recovery," United Securities wrote in a research note.

Ping An Insurance (Group) Co lost 4.94 percent to close at 43.85 yuan. China Pacific Insurance (Group) Co fell 3.62 percent to 18.88 yuan. China Life Insurance Co, the country's largest life insurance company, dropped 2.53 percent to 25.09 yuan.

The Industrial and Commercial Bank of China lost 1.42 percent to 4.87 yuan. Shanghai Pudong Development Bank was down 1.73 percent to 21.05 yuan. China Construction Bank dipped 0.54 percent to close at 5.57 yuan.

Property developers were also weak. China Vanke Co lost 2.52 percent to 10.83 yuan. Gemdale Corp was down 0.81 percent to 13.47 yuan. China Merchants Property Development Co fell 1.97 percent to 27.43 yuan.

Metal producers gained, with Zijin Mining (Group) Co rising 2.84 percent to 9.43 yuan. Zhongjin Gold Co hiked 10 percent to 47.34 yuan.


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