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Heavyweights drag Shanghai market down at midday

SHANGHAI'S key stock index lost nearly 3 percent to below 3,000 points in the morning trade, the lowest level in six weeks, as heavyweights dropped among profit taking.

The benchmark Shanghai Composite Index tumbled 2.75 percent, or 83.88 points, to close at 2,963.09 points. Turnover was 65 billion yuan(US$9.5 billion). Losers outnumbered Gainers 766 to 96 and 48 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, lowered 3.21 percent to close at 990.12 points.

PetroChina, the country's largest oil producer and biggest heavyweight in the market, slid 4.02 percent to 13.38 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, lost 1.47 percent to 12.74 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.24 percent to 4.10 yuan. Shanghai Pudong Development Bank edged up 0.65 percent to 23.21 yuan. China Construction Bank was down 0.23 percent to close at 4.42 yuan. Bank of Communications was up 0.15 percent to 6.82 yuan.

Ping An Insurance (Group) Co said its first half profit was 5.22 billion yuan, down 45 percent from the 9.49 billion yuan in the same period last year. Its shares was up 0.30 percent to 52.78 yuan. CITIC securities lost 2.06 percent to 31.89 yuan after it says net profit decreased 19.8 percent to 3.82 billion yuan in the first half.

China Vanke Co chairman Wang Shi said that home prices may fall with the possible tightening of monetary policy, the Shanghai-based newspaper China Business News reported today. China Vanke Co, the biggest listed domestic real estate developer, tumbled 3.52 percent to 12.32 yuan. Gemdale Corporation lost 1.09 percent to 17.19 yuan. Poly Real Estate Group dropped 1.11 percent to 26.63 yuan.

Banks showed mixed results. Industrial & Commercial Bank of China, the nation's biggest lender, was down 1.04 percent to 4.78 yuan. Shanghai Pudong Development Bank lost 1.23 percent to 23.25 yuan. China Construction Bank lost 1.83 percent to close at 5.89 yuan. Bank of Communications dipped 0.86 percent to 9.18 yuan.

China Everbright Securities Co said its shares will begin trading in Shanghai tomorrow, according to a filing to the city's stock exchange. The Shanghai-based brokerage will sell 5.2 billion shares at its initial public offering. Domestic brokerages forecasted its offering price to be between 25 and 30 yuan per share.

Other brokerages showed mixed results. Haitong Securities dropped 0.90 percent to 16.56 yuan. Sinolink Securities edged up 1.11 percent to 22.76 yuan. Hongyuan Securities added 1.77 percent to 24.10 yuan.


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