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Market drops in morning as more IPOs looming

SHANGHAI'S key stock index lost more than 1 percent in the morning trade on concern more new share sales in the near future will draw capitals away.

The benchmark Shanghai Composite Index dropped 1.43 percent, or 46.63 points, to close at 3,208.59 points. Turnover was 60.2 billion yuan (US$8.8 billion). Losers outnumbered gainers 788 to 86, and 39 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dropped 1.92 percent to close at 1,178.87 points.

China First Heavy Industries has won regulatory approval to sell no more than 2 billion new shares in an initial public offering in Shanghai. The company is expected to raise 8.39 billion yuan to expand machinery manufacturing base, China Securities Regulatory Commission said in a statement last night.

Industrial & Commercial Bank of China, the nation's biggest lender, lost 0.57 percent to 5.20 yuan. Shanghai Pudong Development Bank dropped 1.33 percent to 21.59 yuan. China Construction Bank dipped 0.66 percent to close at 5.99 yuan.

Haitong Securities lost 0.57 percent to 17.36 yuan. Everbright Securities was down 1.34 percent to 23.61 yuan.

Property shares showed mixed results. Gemdale Corporation dipped 0.07 percent to 14.60 yuan. Poly Real Estate Group edged up 0.72 percent to 23.89 yuan. Shanghai Shimao Co Ltd lowered 4.12 percent to 16.53 yuan.

Metal producers were also flat. Zijin Mining Co lost 1.27 percent to 10.13 yuan. Jiangxi Copper Co 1.53 percent dropped 40.57 yuan. Zhongjin Gold Co was down 1.23 percent to 60.05 yuan. Aluminum Corporation of China Ltd retreated 2.65 percent to 15.44 yuan.


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