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Shanghai shares drop on sluggish heavyweights at midday

SHANGHAI'S key stock index closed nearly one percent lower in the morning session, led by sluggish heavyweights, amid profit taking.

The benchmark Shanghai Composite Index dropped 0.94 percent, or 27.7 points, to close at 2,918.56 points. Turnover stood at 61 billion yuan (US$10.52 billion). Losers outnumbered gainers 672 to 169 and 32 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.17 percent to close at 998.72 points.

"The barometer may experience wider fluctuations under pressure from profit-taking around 3,000 points," said Shenyin & Wanguo Securities Co.

"The room for a rebound hinges on whether August's macro-economic data to be unveiled tomorrow will show a sound economic recovery."

PetroChina, the nation's biggest oil company and the biggest component of the index, lost 1.04 percent to 13.34 yuan. Sinopec, the country's largest oil refiners, fell 1.91 percent to 11.82 yuan.

Gold producers headed south after the bullion price lost ground and fell below US$1,000 per ounce again. Shandong Gold Mining Co dipped 0.24 percent to 62.99 yuan. Zijin Mining Co retreated 1.56 percent to 9.45 yuan. Zhongjin Gold Co withdrew 1.19 percent to 58.32 yuan.

Property developers were strong on media reports final preparations to announce Walt Disney Co's planned theme park have started. Shanghai Securities News reported today government agencies in Shanghai's Pudong district received notification last week that they should cooperate with the theme park efforts, without citing anyone.

Shanghai-based Shimao Co surged 5.06 percent to 15.56 yuan. Shanghai Lujiazui Finance & Trade Zone advanced 4 percent to 25.25 yuan. Shanghai Waigaoqiao Free Trade Zone jumped 4.15 percent to 15.8 yuan.


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