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Shanghai shares drop led by banks and brokers

SHANGHAI'S key stock index eased more than 1 percent in the morning trade as banks and brokerages dropped.

The benchmark Shanghai Composite Index was down 1.32 percent, or 43.95 points, to close at 3,287.94 points. Turnover was 87.9 billion yuan(US$12.9 billion). Losers outnumbered gainers 613 to 257 and 43 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.53 percent to close at 1,225.75 points.

Industrial & Commercial Bank of China, the nation's biggest lender, withdrew 1.49 percent to 5.30 yuan. Shanghai Pudong Development Bank dropped 2.22 percent to 22.51 yuan. China Construction Bank lost 1.29 percent to close at 6.12 yuan.

Brokerages were also among the losers. Everbright Securities retreated 2.31 percent to 24.90 yuan. Haitong Securities lowered 2.10 percent to 17.75 yuan. Sinolink Securities lost 2.74 percent to 24.51 yuan.

China Vanke Co, the biggest listed domestic real estate developer, said its sales in November rose 46.5 percent from a year earlier to 5.23 billion yuan. Its shares edged up 0.08 percent to 12.30 yuan. Gemdale Corporation dipped 0.06 percent to 16.57 yuan. Poly Real Estate Group was up 0.46 percent to 26.20 yuan.

Consumer-related chips were among the gainers after the Central Economic Work Conference concluded that the government will boost domestic consumer spending in the next year.

Shanghai Join Buy Co jumped 5.10 percent to 8.45 yuan. Your-Mart Co advanced 3.06 percent to 35.72 yuan. Nanjing Xinjiekou Department Store Co rallied 7.17 percent to 10.76 yuan.

Metal producers were also weak. Shandong Gold Mining Co lowered 0.58 percent to 83.88 yuan. Zijin Mining Group Co, the country's largest gold producer, lost 1.51 percent to 10.47 yuan. Zhongjin Gold Corp, the second biggest by market value, was down 1 percent to 62.09 yuan.


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