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Share plunge led by financials, construction

SHANGHAI'S key stock index lost more than 3 percent today as financial shares and construction companies plunged.

The benchmark Shanghai Composite Index buckled 3.39 percent, or 74.26 points, to close at 2,118.75 points. Turnover was 103.7 billion yuan (US$15.16 billion). Losers outnumbered gainers 777 to 99 and 32 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, slid 3.99 percent to close at 686.47 points.

"The index is still going through fluctuations within a reasonable range and it may lower to closer to 2,000 points in the future," said a research note by United Securities.

Anhui Conch Cement Co said it planned to spend at least 20 billion yuan over five years to add to its production capacity. Its shares sank 6.39 percent to 32.51 yuan. Jiangxi Wannianqing Cement Co Ltd slid 8.97 percent to 7.10 yuan. Fujian Cement Inc buckled 8.10 percent to 6.01 yuan.

Guoyuan Securities said in a statement that its share sale was terminated after the time limit on the transaction expired. Its shares tumbled 9.03 percent to 14.01 yuan.

Haitong Securities lost 6.25 percent to 11.85 yuan and Sinolink Securities were down 6.10 percent to 28.02 yuan.

Bank of China lost 5.03 percent to 3.40 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, retreated 2.63 percent to 3.70 yuan. Shanghai Pudong Development Bank lowered 4.63 percent to 18.53 yuan.

PetroChina, the biggest component index, lost 2.22 percent to 10.59 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, lost 4.34 percent to 8.15 yuan.

Real estate developers had mixed trading. China Vanke Co, the largest listed domestic property developer, dipped 2.35 percent to 7.89 yuan. Gemdale Corporation lost 2.17 percent to 9.01 yuan. China Merchants Property Development Co Ltd added 1.49 percent to 20.40 yuan.

Poly Real Estate Group Co said it had 2 billion yuan worth of property sales in February, almost three times the 710 million yuan worth of sales it posted for the same period last year. Its shares edged up 0.39 percent to 20.47 yuan.

Maanshan Iron and Steel Co, the nation's fourth-biggest maker of the construction metal by value, said it would suffer losses in the first two months of this year. Its stock lost 4.52 percent to 3.59 yuan.


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