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Market drops with weak heavyweights

SHANGHAI'S key stock index closed lower in morning trade with weak performances by heavyweights and bluechips.

The benchmark Shanghai Composite Index lost 1.03 percent, or 28.39 points, to close at 2,739.95 points. Turnover was 72.1 billion yuan (US$10.5 billion). Losers outnumbered gainers 680 to 183 and 45 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.82 percent to close at 906.52 points.

China's urban fixed-asset investment in the first five months will grow 31 percent from a year earlier, Bloomberg News said in a survey. The growth rate for the first four months was 30.5 percent.

Financial shares showed mixed results. China Construction Bank added 1.95 percent to 5.22 yuan. Bank of China edged up 0.52 percent to 3.90 yuan. Bank of Communications lost 0.76 percent to 7.83 yuan. Shanghai Pudong Development Bank lost 2.77 percent to 21.09 yuan. China Life Insurance Co Ltd dipped 0.32 percent to 24.79 yuan. China Pacific Insurance (Group) Co Ltd lost 1.37 percent to 18.70 yuan.

Energy companies were weak. PetroChina, the nation's largest oil producer and biggest heavyweight in the market, lost 0.85 percent to 13.95 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, retreated 1.09 percent to 10.00 yuan.

Huadian Power International Co Ltd was down 2.08 percent to 4.70 yuan. Huaneng Power International Inc was down 1.84 percent to 7.47 yuan.

Poly Real Estate Group said in a statement its sales contracts reached 14.7 billion yuan in the first five months of this year, a 158 percent surge on the same period last year. Its shares added 1.03 percent to 25.55 yuan. China Vanke Co, the nation's biggest listed property developer, was up 1.53 percent to 11.31 yuan.


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