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Heavyweights and finance drag morning market down

SHANGHAI'S key stock index dropped over two percent in morning trading with heavyweights and the financial sector tumbling.

The benchmark Shanghai Composite Index lowered 2.62 percent, or 60.36 points, to 2,245.42 points as of 11:30am. Turnover was 82.8 billion yuan (US$12.11 billion). Losers outnumbered gainers 725 to 152 and 31 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 2.29 percent to close at 749.86 points.

PetroChina, the biggest component index, buckled 2.45 percent to 11.15 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, decreased 3.91 percent to 8.36 yuan.

Banks and financial sectors suffered losses in the morning. Bank of China lowered 2.10 percent to 3.27 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, dropped 2.34 percent to 3.76 yuan. Shanghai Pudong Development Bank slumped 4.04 percent to 16.87 yuan. China Construction Bank was down 3.03 percent to 4.16 yuan.

Haitong Securities, China's second-largest listed brokerage by market value, buckled 5.47 percent to 12.95 yuan. Sinolink Securities retreated 3.69 percent to 31.57 yuan.

Property developers were weak after yesterday's gains after a report by the People's Bank of China on Monday showed the number of people willing to buy property over the next three months had dropped to the lowest level in ten years, signaling ongoing pressure for real estate developers. China Vanke Co, the nation's largest listed property developer, dipped 0.62 percent to 8.05 yuan. Gemdale Group Corp edged up 0.22 percent to 9.01 yuan. Poly Real Estate Group Co was up 0.15 percent to 20.04 yuan.

Yunnan Metropolitan Real Estate Co said it has won approval to issue an extra 132 million shares. The stock retreated 5.31 percent to 22.82 yuan.

Wuliangye Yibin Co, China's second-biggest spirits maker by market value, said it will pay 3.82 billion yuan to acquire five packaging units from its parent to cut production costs. Its shares dropped 3.55 percent to 16.32 yuan.

SAIC Motor Corp, China's biggest automaker, jumped 2.71 percent to 9.08 yuan, after China Securities Journal reported the government is planning to merge some of the nation's largest automakers. FAW Car Co Ltd, a unit of China FAW Group Corp, dipped 0.18 percent to 10.87 yuan.


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