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Market heavyweights send shares lower

SHANGHAI'S key stock index dropped more than 1 percent as market heavyweights and financial shares declined.

The benchmark Shanghai Composite Index lost 1.64 percent, or 53.71 points, to close at 3,213.21 points. Turnover was 232.3 billion yuan (US$34 billion). Losing shares outnumbered gainers 709 to 161 and 38 did not change.

The Shenzhen Composite Index, which tracks the smaller domestic market, retreated 2.02 percent to close at 1,081.94 points.

Metal producers dragged down the index. Aluminum Corporation of China Ltd, the country's biggest producer of the metal, tumbled 3.20 percent to 16.04 yuan. Zijin Mining Co lost 2.60 percent to 11.23 yuan. Shangdong Gold Mining Co Ltd dropped 1.90 percent to 61.48 yuan.

Financial shares and the banking sector showed mixed results. China Pacific Insurance (Group) Co Ltd lost 2.00 percent to 28.48 yuan. Ping An Insurance (Group) Co rose 1.84 percent to 61.92 yuan. China Life Insurance Co Ltd, the country's largest life insurance company, dipped 0.15 percent to 32.35 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, lowered 1.71 percent to 5.18 yuan. Shanghai Pudong Development Bank was down 1.66 percent to 24.87 yuan. China Construction Bank dipped 1.63 percent to close at 6.04 yuan. China Merchants Bank Co edged up 0.43 percent to 18.57 yuan.

Brokerages performed strongly as initial public offerings will help boost profits. Sinolink Securities added 1.47 percent to 26.27 yuan. Guoyuan Securities jumped 2.35 percent to 25.67 yuan. Changjiang Securities rose 1.79 percent to 23.88 yuan. Citic Securities was up 1.07 percent to 33.17 yuan.


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