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Index suffers large weekly drop

SHANGHAI'S key stock index closed lower today, ending with its biggest weekly drop in six months, after 10 start-up companies on the Growth Enterprise Market diverted money away from the main boards with a record low trading volume.

The benchmark Shanghai Composite Index dropped 0.52 percent to 2,838.84 points. Turnover shrank to 81 billion yuan (US$11.9 billion) from yesterday's 110.9 billion yuan. Losers outnumbered gainers 574 to 259, with 28 stocks unchanged.

The index lost 4.18 percent this week.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.66 percent to close at 976.8 points.

Gold producers led the decliners. Shandong Gold Mining Co slumped 4.98 percent to 60.44 yuan and Zijin Mining Co retreated 2.8 percent to 8.67 yuan. Zhongjin Gold Co tumbled 5.04 percent to 54.6 yuan.


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