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Shanghai dips to close at 3,297

SHANGHAI shares dropped today from a two-week high as financial and metal counters dropped amid profit taking.

The Shanghai Composite Index, which tracks the mainland's bigger stock bourse, lost 1.06 percent to close at 3,296.66. The CSI 300 Index, which covers the top 300 companies listed in Shanghai and Shenzhen, dropped 1.22 percent to 3,624.02.

Industrial and Commercial Bank of China, the nation's biggest lender, eased 1.49 percent to 5.30 yuan (78 US cents). China Life Insurance Co, the country's top life insurer, slipped 1.39 percent to 32.70 yuan.

Jiangxi Copper Co, the country's biggest maker of the metal, shed 1.09 percent to 42.62 yuan. Zijin Mining Group Co, the nation's biggest producer of gold, dropped 1.03 percent to 10.52 yuan.

Consumer-related chips were among the gainers after the country's decision makers said yesterday at the Central Economic Work Conference that the government will boost domestic consumer spending next year.

Shanghai Join Buy Co, a local department-store operator, jumped 4.10 percent to 8.38 yuan. Nanjing Xinjiekou Department Store Co rallied 7.87 percent to 10.83 yuan.


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