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Stock index drops from 10-month high

SHANGHAI'S key stock index dropped from a 10-month high yesterday as China's exports tumbled by a record margin in May.

The benchmark Shanghai Composite Index dipped 0.67 percent, or 18.93 points, to close at 2,797.32. Turnover totaled 132.7 billion yuan (US$19.4 billion).

China's exports fell 26.4 percent in May from the same month last year to US$88.8 billion, exceeding February's previous record drop of 25.7 per cent, the General Administration of Customs said yesterday. Exports in the first five months declined 21.8 percent from the year-earlier period to US$426.14 billion.

Exports tumbled as the global recession cut demand for China's products. The drop in outbound shipments in May was wider than April's 22.6 percent contraction, according to market analysts.

Imports for May fell 25.2 percent to US$75.35 billion. For the first five months they tumbled 28 percent to US$337.35 billion.

But an analyst at Guoyuan Securities, Kang Hongtao, believed the market's upward trend would not be altered.

Airlines were among decliners, with Air China, the nation's biggest international carrier, losing 3.92 percent to 6.61 yuan. China Southern Airlines Co Ltd, the nation's biggest domestic carrier, shed 3.49 percent to 5.26 yuan. Real estate developers were also among the losers. Poly Real Estate Group dropped 3.70 percent to 23.41 yuan. China Vanke Co, the nation's biggest listed property developer, lost 2.94 percent.


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