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October 28, 2009

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Shanghai shares decline 2.83%

SHANGHAI'S key stock index posted its biggest daily loss in a month as shares in the resources sector dropped because of lower prices.

The benchmark Shanghai Composite Index fell 2.83 percent to 3,021.46 points. Turnover rose to 139.8 billion yuan from 131.4 billion yuan (US$20.6 billion).

The Industrial and Commercial Bank of China retreated 2.5 percent to 5.09 yuan yesterday after 236 billion previously locked shares became tradeable. The shares were worth about 1.2 trillion yuan, equivalent to nearly 5 percent of the A shares total market value.

"The rebound of the US dollar weighed down the prices of oil, coal and non-ferrous metals, leading to plunges in these sectors," said Jiang Xuewen, an analyst at S&E Securities Brokerage.

PetroChina, the nation's biggest oil company and the index's biggest component, plunged 2.6 percent to 13.37 yuan. China Petroleum and Chemical Corp, the second-largest, slumped 3.8 percent to 11.65 yuan. China Shenhua Energy Co slid 4.6 percent to 34.79 yuan, and Datong Coal Industry Co withdrew 6 percent to 43.23 yuan.

Analysts said resources prices will increase over the long term due to expectations of inflation and stronger signs of a global economic recovery.

Shanghai Lujiazui Finance and Trade Zone surged 4 percent to 29.50 yuan. China Enterprise Co added 0.8 percent to 17.92 yuan.


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