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Index closes week lower after trade war hits steel makers

SHANGHAI'S key stock index closed lower today among a weak performance by steel makers and profit taking at the end of the week.

The benchmark Shanghai Composite Index retreated 3.19 percent, or 97.59 points, to 2,962.67. Turnover was 181.5 billion yuan(US$26.6 billion). Losers outnumbered gainers 765 to 95, and 50 stocks remained unchanged.

The index lost 0.91 percent over the past week. It was up 2.36 percent in the first four days of the week.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 3.29 percent to 1,030.10 points.

US Steel Corp, the largest American steel maker, has filed a petition to US Commerce Department to impose dumping and anti-subsidy duties of as much as 90 percent on US$400 million of imported steel pipes from China.

Baoshan Iron & Steel Co Ltd dropped 4.19 percent to 7.08 yuan. Wuhan Iron & Steel Co tumbled 5.77 percent to 8 yuan.

Brokerages and banks reversed yesterday's gain. Pacific Securities lost 3.70 percent to 15.86 yuan. Haitong Securities decreased 3.22 percent to 14.13 yuan.

Shanghai Pudong Development Bank retreated 4.84 percent to 20.46 yuan. Bank of Communications lost 3.93 percent to 8.8 yuan. Industrial Bank dropped 4.77 percent to 33.92 yuan.

Metal producers were also weak after commodities dropped. Jiangxi Copper plunged 5.14 percent to 39.13 yuan. Yunnan Copper was down 5.64 percent to 29.12 yuan. Zijin Mining Co lost 5.03 percent to 9.63 yuan.

Electronic companies continued to rise after the government said it will encourage logistics and retail industries to expand the use of radio, wireless and telecommunications networks. Xiamen Xinde Co Ltd rose 4.64 percent to 10.15 yuan.


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