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Shanghai index drops, ends week down 4.44%

SHANGHAI'S key stock index dropped today, ending below 3,300 points on the last trading day of the week as investors were less optimistic among speculation there maybe a shift in macroeconomic policy.
The benchmark Shanghai Composite Index slumped 2.85 percent, or 90.64 points, to close at 3,260.69 points. Turnover was 185 billion yuan (US$27.1 billion). Losing shares outnumbered gainers 757 to 104 and 46 remained unchanged. The index lost 4.44 percent this week.
The Shenzhen Composite Index, which tracks the smaller domestic market, lowered 3.40 percent to close at 1,087.23 points.
"We think the current fluctuation is just a structural adjustment and the market will become more reasonable after getting rid of some of the bubbles. The index will continue upward in the long run," Donghai Securities wrote in a research note.
China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, slid 3.99 percent to 13.70 yuan. PetroChina, the largest oil producer and biggest component in the market, lowered 2.66 percent to 15.00 yuan.
Banks showed mixed results. Industrial & Commercial Bank of China, the nation's biggest lender, lost 1.55 percent to 5.09 yuan. Shanghai Pudong Development Bank was down 1.23 percent to 24.87 yuan. Bank of China lowered 1.68 percent to 6.45 yuan. Industrial Bank Co Ltd edged up 0.08 percent to 39.17 yuan. Bank of China retreated 2.45 percent to 4.38 yuan.
Aluminum Corporation of China Ltd, the country's biggest producer of the metal, buckled 7.56 percent to 17.48 yuan. Jiangxi Copper Co slid 5.19 percent to 42.17 yuan. Shandong Gold Mining Co dropped 2.39 percent to 58.88 yuan.
Haitong Securities lost 1.81 percent to 17.90 yuan. Sinolink Securities was down 4.51 percent to 23.90 yuan. Guoyuan Securities lowered 1.89 percent to 24.40 yuan.
Property developers were also weak. China Vanke Co, the biggest listed domestic real estate developer, buckled 4.06 percent to 12.75 yuan. Gemdale Corporation slid 5.24 percent to 16.81 yuan. Poly Real Estate Group dropped 2.76 percent to 26.42 yuan. China Merchants Property Development Co Ltd retreated 4.54 percent to 30.88 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 close at 15.54 yuan.


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