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Index notches biggest one-day loss in 3 months

SHANGHAI'S key stock index today posted its biggest daily drop in three months, led by lenders on concerns that lower capital adequacy ratios from expanding loans will push them to seek more finance.

Today's fall followed a drop of 3.45 percent on Tuesday amid uncertainties about China's economic recovery.

The index may perform sluggishly until the annual central economic work conference due at the end of this month set its macroeconomic stance for next year, analysts said.

The benchmark Shanghai Composite Index lost 3.62 percent, or 119.18 points, to close at 3,170.98 points, the steepest single-day loss since August 31. Turnover rose to 254.5 billion yuan (US$37.42 billion) from 218 billion yuan on Wednesday. Losers outnumbered gainers 786 to 83, and 6 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dropped 3.5 percent to close at 1,171.72 points.


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