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Financial and property chips lead China stocks lower

CHINA stocks fell on Friday as trading sentiment remained weak. The market was awaiting reform measures that will likely be announced at the annual session of the National People’s Congress that begins over the weekend.

The benchmark Shanghai Composite Index dipped 0.36 percent to 3,218.31 points, and turnover fell to 193 billion yuan (US$28 billion).

Financial shares weighed on the index. China Everbright Bank lost 0.72 percent to 4.16 yuan. Bank of Communications retreated 0.95 percent to 6.24 yuan.

Property shares also sank after the city of Hangzhou stepped up restricting house purchasing. COFCO Property (Group) Co lost 1.06 percent to 8.42 yuan. Shanghai Jielong Industry Group Co weakened 4.18 percent to 9.86 yuan.

The Growth Enterprise Market index ended up higher with small-cap shares such as lithium battery makers and new material producers leading the gains.

Jiangxi Ganfeng Lithium Co hiked 9.3 percent to 31.76 yuan and FSPG Hi-Tech Co surged the daily limit of 10 percent.

Huarong Securities wrote in a research note that the stock market was facing fluctuation ahead of the annual sessions and warned investors to be especially cautious about stocks with excessive gains in recent days.


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