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Market stumbles on heavyweights

SHANGHAI'S key stock index dropped over four percent today with heavyweights tumbling.

The benchmark Shanghai Composite Index lowered 4.56 percent, or 105.12 points, to 2,200.65 points.

Losers outnumbered gainers 725 to 152 and 31 remained unchanged. Turnover rose to 158.4 billion yuan (US$23.17 billion) from 138.6 billion yuan the previous trading day.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 3.85 percent to close at 737.93 points.

PetroChina, the biggest component index, buckled 4.11 percent to 10.96 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, decreased 6.67 percent to 8.12 yuan.

Banks and the financial sector suffered losses. Bank of China lowered 4.19 percent to 3.2 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, dropped 3.9 percent to 3.7 yuan. Shanghai Pudong Development Bank slumped 6.54 percent to 16.43 yuan. China Construction Bank was down 4.9 percent to 4.08 yuan.

Haitong Securities, China's second-largest listed brokerage by market value, tumbled by the 10 percent daily cap to 12.33 yuan. Sinolink Securities retreated 7.29 percent to 30.39 yuan.

Property developers were weak after yesterday's gains after a report by the People's Bank of China on Monday showed the number of people willing to buy property over the next three months had dropped to the lowest level in ten years, signaling ongoing pressure for real estate developers.

China Vanke Co, the nation's largest listed property developer, dipped 3.33 percent to 7.83 yuan. Gemdale Group Corp was down 2.34 percent to 8.78 yuan. Poly Real Estate Group Co inched down 0.65 percent to 19.88 yuan.

SAIC Motor Corp, China's biggest automaker, lost 0.11 percent to 8.83 yuan, after China Securities Journal reported the government is planning to merge some of the nation's largest automakers. FAW Car Co Ltd, a unit of China FAW Group Corp, retreated 2.66 percent to 10.6 yuan.


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