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Shanghai index drops as investors take profits

SHANGHAI'S key stock index dropped more than 2 percent today as investors took profits after a central bank announcement said it may fine-tune the macroeconomic policy.

The benchmark Shanghai Composite Index tumbled 2.11 percent, or 72.17 points, to close at 3,365.33 points. Turnover was 217 billion yuan (US$31.8 billion). Losing shares outnumbered gainers 649 to 211 and 48 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dropped 1.62 percent to close at 1,125.55 points.

The central bank said in a statement on its Website on Wednesday that it will "fine-tune" its monetary policy according to the economic situation. It will also use monetary tools to ensure reasonable loan growth.

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 heavyweight in the market, was down 1.60 percent to 15.41 yuan.

Aluminum Corporation of China Ltd, the country's biggest producer of the metal, slid 5.12 percent to 18.91 yuan. Jiangxi Copper Co slumped 4.55 percent to 44.48 yuan. Shangdong Gold Mining Co lowered 3.10 percent to 60.32 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, was down 1.15 percent to 5.17 yuan. Shanghai Pudong Development Bank lowered 1.76 percent to 25.18 yuan. China Construction Bank dipped 0.94 percent to close at 6.29 yuan. Bank of Communications retreated 3.04 percent to 10.20 yuan.

Haitong Securities lost 2.62 percent to 18.23 yuan. Sinolink Securities dropped 3.02 percent to 25.03 yuan. Guoyuan Securities slipped 3.97 percent to 24.93 yuan.
Property developers recovered from yesterday's loss. China Vanke Co, the biggest listed domestic real estate developer, added 1.06 percent to 13.29 yuan. Gemdale Corporation jumped 6.35 percent to 17.74 yuan. Poly Real Estate Group advanced 2.76 percent to 27.17 yuan. China Merchants Property Development Co Ltd dropped 1.73 percent to 32.35 yuan.


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