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Coal and gas counters lead decline in Shanghai
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SHANGHAI stocks lost 0.63 percent to 2,207.59 points by midday trading. Blue chips generally declined after shares surged yesterday.
The coal sector went down as pressure from lower on-grid electricity prices mounts. Qitaihe Baotailong Coal&Coal Chemicals Public lost 3.15 percent to 11.08 yuan (US$1.76), while Sdic Xinji Energy dropped 2.30 percent to 3.82 yuan.
Due to the price rise in non-residential gas announced yesterday, gas suppliers saw shares decline. Changchun Gas lost 2.58 percent to 7.56 yuan, while Shenzhen Gas was down 1.65 percent to 7.15 yuan.
Wine shares rose because the upcoming Mid-autumn Day festival in early September stimulates the market. Sichuan Tuopai Shede Wine gained 6.23 percent to 13.12 yuan, while Sichuan Swellfun was up 3.67 percent to 8.48 yuan.
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