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March 13, 2010

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Caution theme as index falls by over 1%

SHANGHAI'S key stock index fell more than 1 percent yesterday, paring a weekly gain, amid lackluster investor sentiment.

The Shanghai Composite Index dropped 1.24 percent, or 37.87 points, to close at 3,013.41, sending the barometer to a 0.58 percent weekly loss. Turnover shrank to 84.3 billion yuan (US$12.4 billion) from 96.2 billion yuan on Thursday.

Analysts said the slack turnover indicated investors were cautious amid uncertainties in the central government's economic policies and prevented the key index from picking up.

"Despite the still abundant market liquidity, investors are concerned that the policy on inflation will lead to a tightening of monetary policy to avert asset bubbles," Xiangcai Securities Co said.

Brokerages were among the losers. Sinolink Securities Co slumped 2.4 percent to 20.24 yuan, CITIC Securities Co eased 0.5 percent to 27.71 yuan, and Everbright Securities Co slid 1.6 percent to 27.25 yuan.

From yesterday Chinese brokerages could apply to take part in a trial for margin trading. A list of successful brokerages is expected to be released as early as next week.

Air China, the nation's largest international carrier, lost 4.1 percent to end at 11.16 yuan after saying it plans to raise US$954 million through a private placement to repay debts. China Southern Airlines Co declined 2.3 percent to 6.79 yuan while China Eastern Airlines Corp fell 2.9 percent to 6.64 yuan.


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