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Shanghai market dips 1 percent on profit-taking

SHANGHAI'S key stock index lost its four-day momentum of gains today, dropping more than 1 percent as a result of profit taking in financial shares and bluechips.

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$35.3 billion). Gainers outnumbered losers 445 to 415 and 48 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.45 percent to close at 1,144.14 points.

Domestic power plants generated 348.5 billion kilowatt-hours of electric capacity in July, up 4.21 percent from the same period last year and the fastest growth this year.

China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, retreated 4.67 percent to 14.70 yuan. PetroChina, the largest oil producer and biggest heavyweight in the market, dropped 2.19 percent to 15.66 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, was down 0.95 percent to 5.23 yuan. Shanghai Pudong Development Bank retreated 2.58 percent to 25.63 yuan and China Construction Bank lost 1.09 percent to close at 6.35 yuan. Bank of Communications dropped 2.59 percent to 10.52 yuan.

China Life Insurance Co Ltd, the country's largest life insurance company, dropped 2.50 percent to 31.16 yuan. China Pacific Insurance (Group) Co Ltd slid 4.54 percent to 25.25 yuan and Ping An Insurance (Group) Co fell 3.95 percent 58.41 yuan.

Metal producers were among the gainers. Gold futures for December delivery at the New York Mercantile Exchange rose US$10.90 to close at US$969.70 an ounce on Tuesday.

Shandong Gold Mining Co rose 1.78 percent to 62.25 yuan and Zhongjin Gold Co added 2.22 percent to 64.88 yuan. Chenzhou Mining Group Co jumped 4.40 percent to 27.98 yuan and Zijin Mining Co was up 0.89 percent to 11.38 yuan.

Property developers were weak on the suggestion that domestic banks may impose stricter guidelines for new loans in the second half of this year.

China Vanke Co, the biggest listed domestic real estate developer, lost 1.20 percent to 13.15 yuan. Gemdale Corporation retreated 2.46 percent to 16.68 yuan and Poly Real Estate Group lowered 2.65 percent to 26.44 yuan. China Merchants Property Development Co Ltd dropped 3.05 percent to 31.80 yuan.


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