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Stock market loses 3%

SHANGHAI'S key stock index lost nearly 3 percent today, driving the barometer to the biggest weekly loss since February, on concern this year's rally has outperformed the prospects for earnings growth.

The benchmark Shanghai Composite Index tumbled 2.98 percent, or 93.59 points, to close at 3,046.97 points. Turnover rose slightly to 146.32 billion yuan (US$21.52 billion) from 138.6 billion yuan on Thursday. Losers outnumbered gainers 798 to 74 and 3 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, lost 3.58 percent to close at 1,022.92 points.

Property shares eclipsed yesterday's gain. Gemdale Corporation lost 0.11 percent to 17.38 yuan. Poly Real Estate Group dropped 2.39 percent to 26.93 yuan.

Power producers were also weak. Huaneng Power International Inc, the listed unit of the country's largest power group, was down 4.69 percent to 8.13 yuan. Huadian International dropped 3.99 percent to 5.53 yuan. Shanghai Electric Group Co lost 4.55 percent to 10.08 yuan.

China Pacific Insurance (Group) Co Ltd lost 2.1 percent to 23.76 yuan. Ping An Insurance (Group) Co dropped 2.23 percent to 52.62 yuan. China Life Insurance Co Ltd, the country's largest life insurance company, slid 2.04 percent to 28.37 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, dropped 3.21 percent to 4.83 yuan. Shanghai Pudong Development Bank lost 1.42 percent to 23.54 yuan. China Construction Bank dropped 1.32 percent to close at 6 yuan. Bank of Communications lost 3.64 percent to 9.26 yuan.


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