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August 7, 2009

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Profit-taking sends index lower

SHANGHAI'S key stock index fell more than 2 percent yesterday as investors took profit after the Chinese central bank announced it may fine-tune its macroeconomic policy and to ensure that lending growth is appropriate.

The Shanghai Composite Index tumbled 2.11 percent, or 72.17 points, to 3,365.33, a one-week closing low. Turnover was 217 billion yuan (US$31.8 billion).

The People's Bank of China said in a statement on its Website on Wednesday that it will "fine-tune" its monetary policy according to the economic situation. It also said it would ensure an appropriate lending growth.

"The index will likely continue to fluctuate before a clear economic policy is announced," Minsheng Securities said in a research note.

China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, lost 2.93 percent to 14.27 yuan. PetroChina, the largest oil producer and biggest firm in the market, shed 1.60 percent to 15.41 yuan.

Aluminum Corporation of China Ltd slid 5.12 percent to 18.91 yuan and Jiangxi Copper Co dropped 4.55 percent to 44.48 yuan.

Haitong Securities lost 2.62 percent to 18.23 yuan and CITIC Securities, China's largest securities company by market value, slumped 3.8 percent to 35.01 yuan. Sinolink Securities fell 3.02 percent to close at 25.03 yuan.


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