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Finance and realty help market dip

SHANGHAI'S key stock index lowered today to close below 2,600 points with weak performances by financial shares and real estate developers.

The benchmark Shanghai Composite Index lowered 0.82 percent, or 21.44 points, to close at 2,588.57 points. Losers outnumbered gainers 435 to 396 while 78 remained unchanged. Turnover was 118.1 billion yuan (US$17.3 billion).

The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.44 percent to close at 877.30 points.

China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, was down 1.55 percent to 10.14 yuan. PetroChina, the biggest index component, dipped 0.08 percent to 13.09 yuan.

Hainan Airlines Co said it will raise about 3 billion yuan in a private placement by selling 595 million shares at 5.04 yuan per share. Its shares tumbled 3.76 percent to 5.37 yuan.

Zhongtian Urban Development Group Co said it will sell 188 million shares at 8.33 yuan each to raise 1.6 billion yuan. The stock retreated 2.64 percent to 9.97 yuan. China Vanke Co lost 3.01 percent to 9.66 yuan. Gemdale Corporation buckled 5.20 percent to 15.31 yuan.

Banks and brokerages were weak. Bank of Communications lost 2.01 percent to 6.81 yuan. China Construction Bank was down 0.89 percent to 4.46 yuan. Bank of China dipped 0.85 percent to 3.50 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, was down 0.70 percent to 4.23 yuan.

Haitong Securities lost 2.02 percent to 14.04 yuan. Sinolink Securities decreased 1.84 percent to 36.84 yuan.

Zijin Mining Group Co, the country's largest gold producer, was down 1.04 percent to 8.58 yuan. Jinagxi Copper Co Ltd buckled 3.35 percent to 27.96 yuan. Yunnan Copper Co Ltd sank 5.53 percent to 21.68 yuan.


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