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Finance and heavyweights depress market

SHANGHAI'S key stock index closed lower today as heavyweights and financial shares tumbled.

The benchmark Shanghai Composite Index lost 0.90 percent, or 23.88 points, to close at 2,639.89 points. Turnover was 121.4 billion yuan (US$17.7 billion). Losers outnumbered gainers 443 to 409 and 56 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.02 percent to close at 880.75 points.

PetroChina, the biggest component index, was down 1.35 percent to 13.11 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, retreated 2.21 percent to 10.60 yuan.

China Life Insurance Co Ltd, the country's largest life insurance company, lost 2.32 percent to 24.02 yuan. China Pacific Insurance (Group) Co Ltd, retreated 1.89 percent to 17.65 yuan. Haitong Securities, China's second-largest listed brokerage by market value, edged up 0.14 percent to 14.19 yuan.

Aircraft manufacturers bucked the downward trend after the State Council said it will allocate 32.8 billion yuan this year to boost airplane projects.

Xi'an Aircraft International Corporation advanced 3.49 percent to 24.94 yuan. Hafei Aviation Industry Co Ltd surged 5.76 percent to 18.00 yuan. Sichuan Chengfa Aero Science & Technology Co Ltd hiked 8.87 percent to 20.00 yuan.
Lei Bo, the president of Sinolink Securities, is under investigation for personal reasons, the brokerage said in a filing today to Shanghai's stock exchange without giving details. Its shares buckled 5.07 percent to 36.35 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, dropped 1.38 percent to 4.29 yuan. Bank of China was down 1.10 percent to 3.60 yuan. Shanghai Pudong Development Bank buckled 1.94 percent to 24.82 yuan. China Merchants Bank Co, the nation's fifth-largest bank by market value, decreased 2.93 percent to 17.23 yuan.

New orders for Chinese shipbuilders fell 95 percent from a year earlier during the first four months of this year to 990,000 dead weight tons, the Ministry of Industry and Information Technology said on its Website.

China CSSC Holdings Ltd, lost 1.23 percent to 61.15 yuan. CSSC Jiangnan Heavy Industry Co Ltd was down 1.40 percent to 16.91 yuan. Guangzhou Shipyard International Co Ltd dipped 1.03 percent to 22.16 yuan.


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