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Coming IPOs dent early Shanghai trade

SHANGHAI'S key stock index lost nearly 2 percent to above 3,200 points in morning trade after brokerages and banks retreated over fears that new share sales will draw funds away.

The benchmark Shanghai Composite Index lowered 1.94 percent, or 62.98 points, to close at 3,184.34 points. Turnover rose to 63.6 billion yuan (US$9.3 billion) from Friday's 56.9. Losers outnumbered gainers 783 to 92 and 38 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dropped 2.12 percent to close at 1,192.92 points.

Eight new shares at the Growth Enterprise Market and two new shares in the medium and small bourse will open subscription this week, spurring speculation that there might be a shortage of funds in the market.

China Merchant Securities dropped 2.13 percent to 30.7 yuan. Haitong Securities buckled 4.13 percent to 16.73 yuan. Guoyuan Securities retreated 5.01 percent to 20.11 yuan. Changjiang Securities lost 4.05 percent to 18.46 yuan. China Pacific Insurance (Group) Co Ltd rose 1.61 percent to 17.71 yuan.

Ping An Insurance (Group) Co was down 2.30 percent to 55.72 yuan. China Life Insurance Co Ltd, the country's largest life insurance company, lost 3.98 percent to 30.66 yuan.

Qingdao Haier Co shares jumped 2.35 percent to 24.78 after saying it would buy the stakes of two of its subsidiaries in Hong Kong-listed Haier Electronics Group Co, taking its holding in the unit to 51.31 percent.

Energy sector and metal producers were also weak as the prices of crude oil and gold declined. PetroChina, the largest oil producer and biggest heavyweight in the market, lost 1.48 percent to 13.30 yuan.

Zijin Mining Co lowered 1.36 percent to 10.15 yuan. Jiangxi Copper lost 2.41 percent to 40.58 yuan. Zhongjin Gold Co was down 0.59 percent to 60.63 yuan.


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