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Shanghai shares dip led by lenders on loan warning

SHANGHAI'S key stock index lost in the morning session, led by lenders after the banking regulator said it would strengthen loan supervision.

The benchmark Shanghai Composite Index dropped 1.62 percent, or 53.46 points, to close at 3,243.21 points. Turnover stood at 64.54 billion yuan (US$9.49 billion). Losers outnumbered gainers 693 to 181 and 15 counters remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.27 percent to close at 1,213.22 points.

The China Banking Regulatory Commission Chairman Liu Mingkang said late yesterday that the banking regulator would strictly control lending to industries that are energy-intensive, polluting and feature overcapacity to raise the quality of lending.

Industrial and Commercial Bank of China Ltd retreated 1.1 percent to 5.24 yuan. China Construction Bank Corp eased 1.6 percent to 5.98 yuan and Bank of China fell 1.7 percent to 4.16 yuan. China Merchants Bank Co slid 2.7 percent to 17.34 yuan.

Raw material producers were among the losers after commodity prices dropped on strengthened US dollar. Jiangxi Copper Co withdrew 2.3 percent to 41.63 yuan. Aluminum Corp of China sank 2.8 percent to 15.47 Yuan.

PetroChina, the country's biggest oil producer, was off 1.2 percent to 13.62 yuan and Sinopec dropped 0.5 percent to 12.71 yuan. Crude oil for January delivery fell 1.8 percent yesterday to US$72.62 a barrel in New York.


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