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Market dips for third straight day

SHANGHAI'S key stock index closed lower for a third day, on concern that more new share sales in the near future will divert funds from existing equities.

The benchmark Shanghai Composite Index dropped 2.34 percent, or 76.14 points, to close at 3,179.08 points. Turnover was 123.8 billion yuan (US$18.1 billion). Losers outnumbered gainers 795 to 79, and 39 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, retreated 2.76 percent to close at 1,168.76 points.

China First Heavy Industries has won regulatory approval to sell up to 2 billion new shares in an initial public offering in Shanghai. The company is expected to raise 8.39 billion yuan to expand its machinery manufacturing base, China Securities Regulatory Commission said last night.

Mainland companies have raised 170.9 billion yuan from initial public offerings this year, 65 percent more than the whole of 2008, as an improving economy and rebounding stock market lures investors.

Industrial & Commercial Bank of China, the nation's biggest lender, dropped 1.15 percent to 5.17 yuan. Shanghai Pudong Development Bank lost 2.19 percent to 21.40 yuan. China Construction Bank lowered 1.16 percent to close at 5.96 yuan.

Haitong Securities was down 1.95 percent to 17.12 yuan. Everbright Securities tumbled 3.18 percent to 23.17 yuan.

Property shares showed mixed results. Gemdale Corporation lost 1.98 percent to 14.32 yuan. Poly Real Estate Group dipped 0.30 percent to 23.65 yuan. Shanghai Shimao Co Ltd lowered 4.12 percent to 16.53 yuan.

Metal producers were also flat. Zijin Mining Co lost 1.95 percent to 10.06 yuan. Jiangxi Copper Co lowered 1.77 percent to 40.47 yuan. Zhongjin Gold Co was down 1.83 percent to 59.69 yuan. Aluminum Corporation of China Ltd sank 4.41 percent to 15.16 yuan.


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