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August 6, 2009

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Shanghai index mirrors dip in blue chips

SHANGHAI'S key stock index dropped more than 1 percent yesterday after posting gains for four days amid profit taking as financial shares and blue chips lost ground.

The benchmark Shanghai Composite Index lost 1.24 percent, or 42.94 points, to close at 3,428.50 points.

Turnover was 241 billion yuan (US$35.28 billion).

"The market is rather weak as heavyweights dropped and investors should be cautious as the market will undergo fluctuations after the index has gained more than 80 percent this year," GF Securities wrote in a note.

China Petroleum and Chemical Corp, also known as Sinopec, retreated 4.67 percent to 14.70 yuan, while PetroChina dropped 2.19 percent to 15.66 yuan.

The Industrial and Commercial Bank of China was down 0.95 percent to 5.23 yuan and Shanghai Pudong Development Bank retreated 2.58 percent to 25.63 yuan.

China Life Insurance Co Ltd dropped 2.5 percent to 31.16 yuan. China Pacific Insurance (Group) Co Ltd slid 4.54 percent to 25.25 yuan.

Metal producers bucked the market trend following gold futures for December delivery at New York Mercantile Exchange rising US$10.90 to close at US$969.70 an ounce on Tuesday.

Shandong Gold Mining Co yesterday rose 1.78 percent to 62.25 yuan. Zhongjin Gold Co added 2.22 percent to 64.88 yuan. Chenzhou Mining Group Co jumped 4.4 percent to 27.98 yuan and Zijin Mining Co was up 0.89 percent to 11.38 yuan.

Property developers were weak as domestic banks may carry out stricter guidelines for new loans in the second half of this year.

China Vanke Co, the biggest listed domestic real estate developer, for example, lost 1.2 percent to 13.15 yuan.


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