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Key index sinks nearly 2% on worries over company results

SHANGHAI'S key stock index lost nearly 2 percent yesterday, the biggest daily drop in a month, over concerns that some companies are set to post financial losses in the first six months of the year.

The Shanghai Composite Index tumbled 1.91 percent, or 53.36 points, to close at 2,743.76 points. Turnover totaled 123.8 billion yuan (US$18.1 billion).

"The market may continue to adjust next week as some firms may post preliminary losses in the first half of the year, which may drag down the index," said Wan Bing, an analyst with GF Securities.

Financial shares declined yesterday, with Bank of Communications off 1.82 percent to 8.09 yuan, Shanghai Pudong Development Bank losing 2.9 percent to 20.43 yuan and Industrial & Commercial Bank of China, the nation's biggest lender, shedding 2.09 percent to 4.69 yuan.

Haitong Securities dipped 0.61 percent to 16.39 yuan and Sinolink Securities shed 2.91 percent to 19.04 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co dropped 1.6 percent to finish at 23.91 yuan.

China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, lost 1.48 percent to 10 yuan and PetroChina, the largest oil producer and biggest heavyweight in the market, fell 1.84 percent to 13.89 yuan.

Airlines also declined. Air China, the country's biggest international carrier, fell 4.24 percent to 6.35 yuan. China Southern Airlines Co Ltd lost 2.85 percent to 5.11 yuan and Hainan Airlines shed 4.09 percent to 5.16 yuan.

Power and commodity stocks fell, with Henan Shenhuo Coal Industry and Electricity Power Co Ltd off 0.51 percent at 27.56 yuan. Wuhan Steel Processing Co Ltd dived 5.21 percent to close at 7.64 yuan.


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