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Wan LixinOpinion deputy editor of Shanghai Daily
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Shares decline for 4th day
Print Edition
SHANGHAI stocks extended their drop for a fourth day yesterday after taking their cue from declines of blue chip counters.
The Shanghai Composite Index lost 0.67 percent to 3,272.05 points.
“The index’s dropping below 3,300 points (on Wednesday) and the falling blue chip financial shares shook the confidence of some institutional investors,” Cao Xuefeng, chief strategic analyst at Huaxi Securities, said in a note.
Financial shares fell from an earlier rally after the index went below 3,300 points. CITIC Securities Co Ltd shed 3.37 percent to 18.61 yuan, New China Life Insurance Co Ltd lost 3.25 percent, and Huaan Securities Co Ltd fell by 2.38 percent.
Coal firms also posted some of the biggest drops, with Baotailong New Materials Co Ltd losing 7.54 percent while Shaanxi Heimao Coking Co Ltd and Shanxi Coking Co Ltd both declined over 6 percent.
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