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Market slumps more than 2% in morning

SHANGHAI'S key stock index lost more than two percent to below 3,100 points in the morning trade among concerns drop in exports will damp economic recovery.

The benchmark Shanghai Composite Index tumbled 2.37 percent, or 74.47 points, to close at 3,066.09 points. Turnover was 73.6 billion yuan (US$10.8 billion). Losers outnumbered gainers 774 to 97 and 39 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, lost 2.27 percent to close at 1,036.81 points.

China's export fell 23 percent year on year to US$105.4 billion in July, extending from the 21.4 percent loss in June.

"The shrinking turnover suggested uncertainty over the market and the fluctuation will likely continue in the next week," GF Securities wrote in a research note.

Property shares eclipsed yesterday's gain. China Vanke Co, the biggest listed domestic real estate developer, dipped 0.39 percent to 12.74 yuan. Gemdale Corporation lost 1.49 percent to 17.14 yuan. Poly Real Estate Group dropped 2.21 percent to 26.98 yuan.

Power producers were also weak. Huaneng Power International Inc, the listed unit of the country's largest power group, was down 2.34 percent to 8.33 yuan. Huadian International dropped 2.43 percent to 5.62 yuan. Shanghai Electric Group Co lost 2.84 percent to 10.26 yuan.

Financial shares were also among the gainers. China Pacific Insurance (Group) Co Ltd lost 1.48 percent to 23.91 yuan. Ping An Insurance (Group) Co was down 2.81 percent to 52.31 yuan. China Life Insurance Co Ltd, the country's largest life insurance company, slid 2 percent to 28.38 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, lost 2.40 percent to 4.87 yuan. Shanghai Pudong Development Bank lowered 1.76 percent to 23.46 yuan. China Construction Bank buckled 3.45 percent to close at 5.87 yuan. Bank of Communications lost 3.23 percent to 9.30 yuan.

Metal producers showed mixed results. Zijin Mining Co lost 2.38 percent to 9.86 yuan. Shandong Gold Mining Co retreated 2.47 percent to 53.62 yuan. Jiangxi Copper Co, the nation's biggest producer of the metal, edged up 0.44 percent to 42.92 yuan.


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