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July 23, 2016

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Shares decline as investors lock in profits

SHANGHAI stocks yesterday fell the most in two weeks as investors locked in profits from the market’s previous rebound.

The Shanghai Composite Index dipped 0.86 percent, the biggest daily decline since July 8, to close at 3,012.82 points. For the week, the index lost 1.36 percent, snapping a winning streak of three weeks, during which it gained more than 7 percent.

“Trading in the market is rangebound and the index is hovering around 3,000 points as investors are reluctant to invest due to a lack of stimulus,” Guangzhou Wanlong Securities Consulting Co said in a note.

Meanwhile, recent economic data failed to provide fundamental support for the market as the government signaled that it would hold back on pursuing monetary policies to boost growth.

Brokerages declined amid worries about their profitability. CITIC Securities, China’s biggest listed brokerage, fell 0.48 percent after it said its net profit slumped 57 percent year on year in the first half of the year.


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