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August 17, 2016

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Cashing in drags index to end down

SHANGHAI shares fell from a seven-month high yesterday after investors locked in gains made by heavy-weighted financial shares from previous sessions.

The Shanghai Composite Index lost 0.49 percent to end at 3,110.04 points.

Lenders paced the decline of financial shares, with a gauge of banking shares dropping 2.2 percent yesterday after rising for seven consecutive trading days.

China Minsheng Banking Corp Ltd slumped 3.1 percent to 9.41 yuan (US$1.42) while the Industrial and Commercial Bank of China, the country’s biggest lender, fell 3.1 percent to 4.44 yuan.

Liu Kaizhong, analyst with Changjiang Securities, yesterday blamed the index’s decline to a “technical correction following the surge on Monday.”

However real estate shares rose, with Zhejiang Guangsha Co Ltd surging by the daily limit of 10 percent to 7.50 yuan while Gemdale Corp jumped 6.3 percent to 12.91 yuan.


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