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August 6, 2016

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Profit-taking takes toll on shares

SHANGHAI stocks edged down yesterday as investors cashed in the gains made over the past few days as they lacked confidence amid China’s sluggish economic situation.

The Shanghai Composite Index dipped 0.19 percent to end at 2,976.7 points yesterday. For the week, the barometer lost 0.09 percent.

Jiangsu Changjiang Electronics Technology Co, a semiconductor manufacturer, shrank 3 percent to 17.48 yuan (US$2.6) while Jiang Su Etern Co, a telecommunications equipment producer, fell 3.27 percent to 10.66 yuan.

Investors were still worried about China’s economic trend and lacked motivation to increase their investment, according to Central China Securities in an interview yesterday.

“Uncertainty still clouds the Chinese stock market with a slowdown on the economy,” the brokerage said.


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