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Shanghai market drops 1.07% as investors show no confidence

SHANGHAI'S key stock index stayed in fluctuation after yesterday's 5.97-percent slid and dropped more than 1 percent in the morning trade with investors still cautious about market outlook.

The benchmark Shanghai Composite Index lowered 1.07 percent, or 30.58 points, to close at 2,840.05 points. Turnover was 65.1 billion yuan (US$9.5 billion). Losers outnumbered Gainers 510 to 315 and 85 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, lost 1.18 percent to close at 944.56 points.

"The market will remain rather weak in the rest of the week as there isn't much space for a very big rebound and investors shouldn't be too eager to enter the market before the fluctuation is over," GF Securities wrote in a research note.

Oil producers rebounded from yesterday's loss. PetroChina, the country's largest oil producer and biggest heavyweight in the market, edged up 0.08 percent to 13.10 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, rose 1.40 percent to 12.35 yuan.

Metal producers showed mixed results. Zijin Mining Co dropped 2.05 percent to 8.58 yuan. Shandong Gold Mining Co was down 1.71 percent to 47.15 yuan. Yunnan Copper Co rose 0.54 percent to 30 yuan. Aluminum Corporation of China Ltd added 1.66 percent to 15.28 yuan.

Banks were among the losers as a stricter new loan extending in the rest of the year might hurt their profits. Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.43 percent to 4.67 yuan. Shanghai Pudong Development Bank tumbled 2.60 percent to 21.76 yuan. China Construction Bank was down 2.98 percent to close at 5.53 yuan.

China Everbright Securities Co opened at 30 yuan on its debut in Shanghai market, up 42 percent from its offering price. It closed at 27.91 yuan as of 11:30am.

Other domestic brokerages were weak. Haitong Securities buckled 6.03 percent to 15.11 yuan. Sinolink Securities dropped 8.03 percent to 21.20 yuan. Hongyuan Securities slid 8.62 percent to 21.84 yuan.


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