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Investor concerns let market slip

SHANGHAI'S key stock index fell for the most in a week as investors took profits among concerns that the economic situation will hurt the earnings of listed companies.

The benchmark Shanghai Composite Index lowered 1.19 percent, or 30.20 points, to close at 2,503.93 points. Turnover was 157.6 billion yuan (US$23 billion). Losers outnumbered gainers 616 to 238 and 54 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.6 percent to close at 845.80 points.

China Eastern Airlines Corp, the nation's third-largest
carrier by fleet size, posted a loss of 13.9 billion yuan for the past year. Its shares buckled 4.92 percent to 5.61 yuan. Hainan Airlines retreated 3.51 percent to 5.78 yuan.

Baoshan Iron & Steel Co, China's biggest steelmaker, lost 3.10 percent to 5.93 yuan on concerns the slowing economic growth may hurt demand. Inner Mongolian Baotou Steel Union Co Ltd was down 3.35 percent to 3.75 yuan. Angang Steel Co Ltd tumbled 4.68 percent to 8.96 yuan.

Jiangxi Copper, China's biggest producer of the metal, sank 5.11 percent to 25.25 yuan after copper dropped 1.4 percent in New York yesterday, the most in a week. Zhongjin Gold, the country's second-largest by market value, slid 4.35 percent to 55.16 yuan.

Huadian Power International Corp, the listed unit of China's fourth-largest power producer said first-quarter electricity generation was 24.22 million megawatt-hours without providing year-earlier figures. The stock was up 0.81 percent to 4.95 yuan.

Brokerages were among the gainers. Sinolink Securities advanced 4.78 percent to 43.00 yuan. Guoyuan Securities added 2.91 percent to 17.69 yuan. Pacific Securities Co Ltd rose 2.86 percent to 16.52 yuan.


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