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December 24, 2016

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Shanghai stocks end week lower

SHANGHAI stocks fell yesterday, driven by the decline of brokerage, insurance and coal shares.

The Shanghai Composite Index shed 0.94 percent to close at 3,110.15 points. The gauge lost 0.4 percent for the week.

Brokerage and insurance shares fell due to the signs of tougher regulations. The China Insurance Regulatory Commission plans to strengthen the supervision of online insurance products to control the risk of such deals.

Market sentiment was dampened by news the insurance regulator was making it much harder for insurers to get new licences, in the latest move to rein in some insurers’ aggressive stock investments that have raised concerns.

The decline was also fueled by coal-related companies as coal prices dropped.


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