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August 11, 2016

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Investor profit-taking pulls shares down

CHINA shares dipped yesterday after property companies fell sharply as investors took profits from previous gains.

The Shanghai Composite Index lost 0.23 percent to end at 3,018.75 points, ending a two-day gain. The gauge added 1.8 percent this week on earlier reports showing that exports remained subdued while a fall in producer prices narrowed.

Shanghai-based Deluxe Family Co shed 3.32 percent to 10.2 yuan (US$1.54) to lead losers among real estate shares.

Financial shares such as securities firms and insurance companies also declined after reports indicated that a comprehensive regulatory check would be conducted in the financial industry.

Sentiment was subdued as investors were also waiting for the release tomorrow of July data on China’s industrial output, retail sales and fixed-asset investment, analysts said.


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