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Shanghai shares drop on anti-dumping inspection

SHANGHAI'S key stock index extended last week's loss in the morning session, as Argentina, Brazil, Germany and other countries joined the anti-dumping inspections following United States imposition of 90 percent dumping and anti-subsidy duties on imports of steel pipes from China.

The benchmark Shanghai Composite Index fell 1.47 percent to 2,919.2 points. Turnover stood at 78.5 billion yuan (US$11.5 billion). Losers outnumbered gainers 655 to 198, with 13 unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.4 percent to close at 1,015.71 points.

"The anti-dumping inspections spurred concerns on China's exports, which have already been hurt by slumping global demands," Western Securities Co wrote in a research note.

"That dampened investor sentiment as economic growth may be dragged down," the note said.

Analysts also worried the faster pace of approval to sell shares on the growth enterprise market in Shenzhen will have a negative impact when the market is very sensitive to liquidity.

China's securities regulator over the weekend approved another six companies to list on the nation's Nasdaq-like board, bringing the total number to 13. Institutions said the board may raise 20 billion yuan this year.

Financial chips were among the decliners. Pudong Development Bank tumbled 4.8 percent to 19.47 yuan after saying it plans to raise 15 billion yuan via a private placement to replenish capital. China Merchants Bank Co retreated 2.1 percent to 14.95 yuan.

Sinolink Securities Co withdrew 2.7 percent to 20.5 yuan and Changjiang Securities Co slid 3.47 percent to 18.66 yuan.

Metallurgical Corp jumped 27.5 percent to 6.91 yuan in the country's second-biggest initial public offering this year. The gain was compared with the average 68 percent first-day advance of the 22 other companies that debuted in China this year.


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