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Sell-off puts brakes on morning market

SHANGHAI'S key stock index dropped over 1 percent in the morning session amid a broad selling-off as turnover swelled at the morning break.

The benchmark Shanghai Composite Index dipped 1.39 percent, or 38.71 points, to close at 2,739.88 points. Losers outnumbered gainers 678 to 183 while 10 remained unchanged. Turnover swelled to 106.17 billion yuan (US$15.61 billion) from 71.99 billion yuan yesterday morning.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.06 percent to close at 911.03 points.

Heavyweights and coal producers led the losses. China Shenhua Energy Co, Asia's largest coal producer, retreated 2.38 percent to 26.65 yuan. Datong Coal Industry Co, China's second-largest coal company by capacity, withdrew 3.55 percent to 35.02 yuan. Pingdingshan Tian'an Coal Mining Co slid 2.87 percent to 33.5 yuan. Yanzhou Coal Mining Co, the listed unit of China's fourth-biggest coal miner, eased 2.53 percent to 15.02 yuan.

Gold producers reversed earlier gains and joined the losing side. Zijin Mining Group fell 3.32 percent to 9.89 yuan. Zhongjin Gold Corp was off 3.31 percent to 89.96 yuan. Shandong Gold Mining Co lost 4.03 percent to 52.58 yuan.

Steel producers bucked the downward trend. Baoshan Iron & Steel Co, the country's largest steelmaker jumped 4.53 percent to 6.69 yuan. Wuhan Iron & Steel Co added 3.63 percent to 8 yuan and Angang Steel Co, China's second-biggest steel maker, climbed 3.9 percent to 12 yuan.


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