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Gloom pervades morning market

SHANGHAI'S key stock index dropped in the morning as heavyweights went through an adjustment.

The benchmark Shanghai Composite Index lost 1.84 percent, or 48.94 points, to close at 2,614.83 points at 11:30am. Turnover was 66.4 billion yuan (US$9.7 billion). Losers outnumbered gainers 637 to 213 and 58 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.12 percent to close at 870.73 points.

PetroChina, the biggest component index, retreated 2.48 percent to 12.96 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, tumbled 3.51 percent to 10.46 yuan.

China Life Insurance Co Ltd, the country's largest life insurance company, lost 2.68 percent to 23.93 yuan. China Pacific Insurance (Group) Co Ltd, retreated 3.06 percent to 17.44 yuan. Haitong Securities, China's second-largest listed brokerage by market value, dipped 0.07 percent to 14.16 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 sank 3.71 percent to 36.87 yuan.

Banks suffered losses in the morning trade. Industrial & Commercial Bank of China, the nation's biggest lender, dropped 1.84 percent to 4.27 yuan. Bank of China was down 1.37 percent to 3.59 yuan. Shanghai Pudong Development Bank buckled 3.12 percent to 24.52 yuan. China Merchants Bank Co, the nation's fifth-largest bank by market value, tumbled 3.66 percent to 17.10 yuan.

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

China CSSC Holdings Ltd, lost 2.15 percent to 60.58 yuan. CSSC Jiangnan heavy Industry Co Ltd was down 1.52 percent to 16.89 yuan. Guangzhou Shipyard International Co Ltd decreased 2.90 percent to 21.74 yuan.


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