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Oil and coal cause market to slide

SHANGHAI'S key stock index dipped on the last trading day of the week to end below 2,600 points with weak performances by oil companies and coal producers.

The benchmark Shanghai Composite Index dipped 0.50 percent, or 13.02 points, to close at 2,597.60 points. Gainers outnumbered losers 465 to 336 while 107 remained unchanged. Turnover was 99.1 billion yuan (US$14.5 billion).

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.17 percent to close at 876.58 points.

PetroChina and coal producers dropped and led the market down after oil prices slid 1.6 percent overnight. PetroChina, the largest oil producer and the biggest component index, retreated 2.35 percent to 12.86 yuan.

China Shenhua Energy Co, Asia's largest coal producer, lowered 2.06 percent to 26.09 yuan. Datong Coal industry Co, China's second-largest coal company by capacity, lost 2.88 percent to 35.79 yuan. Pindingshan Tian'an Coal Mining Co lowered 3.25 percent to 34.22 yuan.

Banks showed mixed results. Industrial & Commercial Bank of China, the nation's biggest lender, edged up 0.47 percent to 4.26 yuan. Bank of Communications lost 1.26 percent to 7.05 yuan. China Construction Bank was up 0.22 percent to 4.50 yuan. Bank of China rose 0.28 percent to 3.53 yuan.

The green energy sector bucked the downward trend as the government pledged to support the green energy industry to stimulate the country's economy. Shanghai Shenhua Holdings Co, which is involved with wind power generation, rose 3.82 percent to 4.35 yuan. Jiangsu Sunshine Co, which deals with electric power and steam marketing, added 1.37 percent to 5.90 yuan. Zhejiang Jinggong Science & Technology Co Ltd surged 8.20 percent to 14.25 yuan.


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