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Profit-taking pushes index down 1%

SHANGHAI'S key stock index dropped more than 1 percent in morning trade as heavyweights and financial shares suffered from profit taking despite positive economic measures.

The benchmark Shanghai Composite Index lost 1.35 percent, or 46.75 points, to close at 3,424.69 points. Turnover was 128.6 billion yuan (US$18.8 billion). Losers outnumbered gainers 543 to 305 and 60 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.94 percent to close at 1,138.47 points.

Domestic power plants generated a total of 348.5 billion kilowatt-hours of electric capacity in July, up 4.21 percent from the year-earlier period, the fastest growing pace since this year.

China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, dropped 2.85 percent to 14.98 yuan while PetroChina, the largest oil producer and biggest heavyweight in the market, was down 1.56 percent to 15.76 yuan. Huadian Power International Co Ltd also fell, down 1.98 percent to 6.43 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, was down 0.95 percent to 5.23 yuan while Shanghai Pudong Development Bank fell 2.32 percent to 25.70 yuan. China Construction Bank lost 1.56 percent to close at 6.32 yuan and Bank of Communications retreated 1.1 percent to 10.68 yuan.

China Life Insurance Co Ltd, the country's largest life insurer, dropped 1.25 percent to 31.56 yuan. China Pacific Insurance (Group) Co Ltd slid 3.14 percent to 25.62 yuan and Ping An Insurance (Group) Co fell 2.98 percent 59.00 yuan.

Property developers were weak on information that domestic banks might implement stricter guidelines for new loans in the second half of the year. China Vanke Co, the biggest listed domestic real estate developer, lost 1.20 percent to 13.15 yuan. Gemdale Corporation retreated 2.34 percent to 16.70 yuan and Poly Real Estate Group lowered 2.36 percent to 26.52 yuan.


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