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Market declines at midday over possible policy change

SHANGHAI'S key stock index lowered more than 2 percent in the morning trade among speculation that a possible shift in China's macroeconomic policy will curb liquidity in the market.

The benchmark Shanghai Composite Index tumbled 2.44 percent, or 83.53 points, to close at 3,344.97 points. Turnover was 115.8 billion yuan(US$17 billion). Losers outnumbered gainers 689 to 177 and 41 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market,dropped 1.93 percent to close at 1,122.07 points.

The central bank said in a statement on its Website on Wednesday that it will "fine-tune" its monetary policy according to the economic situation and the price level. It will also use monetary tools to ensure a reasonable loan growth.

China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, lowered 3.67 percent to 14.16 yuan. PetroChina, the largest oil producer and biggest heavyweight in the market, was down 2.30 percent to 15.30 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, dropped 2.49 percent to 5.10 yuan. Shanghai Pudong Development Bank slid 3.04 percent to 24.85 yuan. China Construction Bank dipped 1.10 percent to close at 6.28 yuan. Bank of Communications retreated lowered 3.42 percent to 10.16 yuan.

China Life Insurance Co Ltd, the country's largest life insurance company, tumbled 3.40 percent to 30.10 yuan. China Pacific Insurance (Group) Co Ltd lowered 2.57 percent to 24.60 yuan. Ping An Insurance (Group) Co buckled 4.14 percent 55.99 yuan.

Everbright Securities is raising 11 billion yuan in the first initial public offering by Chinese brokerage in nearly seven years. The company is selling 179 million shares at 21.08 yuan per share.

Haitong Securities lost 2.67 percent to 18.22 yuan. Sinolink Securities dropped 3.56 percent to 24.89 yuan. Guoyuan Securities retreated 3.97 percent to 24.93 yuan.

New energy sector were among the gainers. Shenzhen Desay Battery Technology Co Ltd surged the daily limit of 10 percent to 12.31 yuan. Leshan Electric Power Co Ltd also jumped 10 percent to end at 13.88 yuan. Dongfang Electric Co Ltd rose 4.83 percent to 47.08 yuan.


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