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Shanghai shares drop on weaker shipping lines

SHANGHAI'S key stock index extended its loss in the morning session, as shipping lines fell on lower transport rates.

The benchmark Shanghai Composite Index fell 1.08 percent to 2,988.95 points. Turnover stood at 60 billion yuan (US$8.8 billion). Losers outnumbered gainers 918 to 238, with 26 stocks unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.71 percent to close at 1,048.26 points.

The Baltic Dry Index, a measure of commodity-shipping costs, fell for the first time in nine days as a gauge of confidence among United States consumers unexpectedly dropped.

China Shipping Container Lines Co lost 2.5 percent to 4.35 yuan. China Cosco Holdings co dropped 1.64 percent to 13.17 yuan.

Airliners bucked the downward trend as the nation's three biggest carrier returned to profit in the third quarter.

China Southern Airlines Co, Asia's biggest carrier by passenger numbers, added 0.8 percent to 5.32 yuan, after posting a profit of 284 million yuan in the third quarter, compared with a loss of 830 million yuan a year earlier.

Air China edged up 0.4 percent to 7.79 yuan after reporting a 885 million yuan profit in the third quarter against a loss of 1.97 billion yuan a year earlier.

China Eastern Airlines Corp climbed 0.4 percent to 5.63 yuan. The nation's No. 3 carrier said its net income 23.2 million yuan in the third quarter, compared with a net loss of 2.33 billion yuan a year earlier.


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