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Shanghai shares lose led by developers

SHANGHAI'S key stock index extended its loss in the morning session, led by property developers after the government beefed up efforts to curb housing prices.

The benchmark Shanghai Composite Index gained 0.26 percent, or 7.9 points, to close at 3,066.68 points. Turnover stood at 57.5 billion yuan (US$8.5 billion). Losers outnumbered gainers 587 to 277 and 26 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.29 percent to close at 1,183.14 points.

The State-owned Assets Supervision and Administration Commission yesterday ordered 78 companies under its supervision, whose core business is not real estate, to map out detailed plans to withdraw from the industry within 15 working days.

This is the latest move by the government that is designed to cool the country's overheated property market.

Shanghai Lujiazui Finance & Trade Zone eased 1.2 percent to 23.38 yuan. Shanghai-based Shimao Co lowered 1.2 percent to 15.22 yuan. Poly Real Estate Group declined 1.2 percent to 20.35 yuan. Gemdale Corp retreated 1.9 percent to 13.66 yuan.

Bucking the downward trend, the agricultural sector advanced as a severe drought in the southwest pushed up food prices.

Hunan Jinjian Cereals Industry Co surged 9.5 percent to 8.96 yuan. Heilongjiang Agricultural Co jumped 4.6 percent to 14.53 yuan. Gansu Yasheng Industrial (Group) Co added 2.4 percent to 6.46 yuan.


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