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Shanghai shares lose as inflation mounts

SHANGHAI'S key stock index dropped in the morning session as China's inflation reached a 16-month high, adding speculation on an interest rate rise.

The benchmark Shanghai Composite Index lost 0.64 percent, or 19.53 points, to close at 3,029.39 points. Turnover stood at 52 billion yuan (US$7.6 billion). Losers outnumbered gainers 697 to 166 and 32 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.05 percent to close at 1,152.65 points.

Consumer prices rose 2.7 percent from a year earlier, the National Bureau of Statistics said today, outpacing a 2.5-percent market expectation.

Automakers extended the losses. Anhui Jianghuai Automobile Co retreated 4.5 percent to 10.74 yuan. SAIC Motor Corp withdrew 2.7 percent to 20.57 yuan and Beiqi Foton Motor Co plunged 2.9 percent to 19.51 yuan. Faw Car Co decreased 1.9 percent to 22.85 yuan.

Property developers led the decliners. Shanghai Lujiazui Finance & Trade Zone eased 2.5 percent to 23.2 yuan. Shanghai-based Shimao Co lowered 0.8 percent to 14.54 yuan. Poly Real Estate Group declined 1.1 percent to 19.69 yuan.

Elsewhere, Shanghai Pudong Development Bank Co, the Chinese partner of Citigroup Inc, advanced 2.6 percent to 21.28 yuan after agreeing to sell shares to China Mobile.


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