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Metals firms push key stock index down 1.64%

SHANGHAI'S key stock index dropped more than 1 percent from a 13th-month high yesterday, led by weak performance of metals firms.

The Shanghai Composite Index lost 1.64 percent, or 53.71 points, to close at 3,213.21, the biggest daily drop in five weeks. Turnover was 232.3 billion yuan (US$34 billion). Losers outnumbered gainers 709 to 161 and 38 stocks were unchanged.

China State Construction Engineering Corp said yesterday that it plans to raise up to 50.2 billion yuan in the world's biggest initial public offering since March 2008.

"The index may fluctuate for over a week but it will remain above 3,000 points over the long term," Kang Hongtao, an analyst at Guoyuan Securities, wrote in a note.

Metal producers dragged the index lower. Aluminum Corporation of China Ltd, the country's biggest producer of the metal, tumbled 3.2 percent to 16.04 yuan while Zijin Mining Co lost 2.6 percent to 11.23 yuan. Shandong Gold Mining Co Ltd dropped 1.9 percent to 61.48 yuan.

Insurance and banking shares were mixed. While China Pacific Insurance (Group) Co Ltd lost 2 percent to 28.48 yuan, Ping An Insurance (Group) Co rose 1.84 percent to 61.92 yuan. China Life Insurance Co shed 0.15 percent to 32.35 yuan.


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