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Shanghai index continues week's end losing run

SHANGHAI'S key stock index continued yesterday's losses to end near 3,300 points in morning trade as investors remained cautious on the week's last day of trading.

The benchmark Shanghai Composite Index lost 1.22 percent, or 40.79 points, to close at 3,315.54 points. Turnover was 86.7 billion yuan (US$12.7 billion). Losers outnumbered gainers 596 to 248 and 64 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dropped 1.25 percent to close at 1,111.53 points.

China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, dropped 3.08 percent to 13.83 yuan. PetroChina, the largest oil producer and biggest heavyweight in the market, was down 0.97 percent to 15.26 yuan.

Banks showed mixed results. Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.58 percent to 5.14 yuan.

Shanghai Pudong Development Bank edged up 0.16 percent to 25.22 yuan, Bank of China lowered 1.68 percent to 6.45 yuan and Industrial Bank Co Ltd added 0.54 percent to 39.35 yuan.

Laiwu Steel Corporation said in a statement it will sell 642 million private shares to its parent company to raise 7.26 billion yuan in order to buy assets. Its shares surged the daily limit of 10 percent to 15.54 yuan.

Pharmaceutical companies were among the gainers. Jilin Leading Technology Development Co rallied 9.09 percent to 10.80 yuan and Jiangsu Hengrui Medicine Co Ltd rose 2.57 percent to 37.58 yuan.

Northeast Pharmaceutical Group Co Ltd added 1.17 percent to 26.76 yuan and Guizhou Yibai Pharmaceutical Co Ltd rose 1.06 percent to 13.38 yuan.


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