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Stocks close day down 5 percent on falling metal prices

SHANGHAI'S key stock index lost nearly 5 percent today, led by commodity producers on falling metal prices.

The benchmark Shanghai Composite Index fell 4.66 percent, or 152.01 points, to close at 3,112.72 points. Turnover rose to 157.5 billion yuan (US$23.16 billion). Losers outnumbered gainers 825 to 47 and 1 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 4.39 percent to close at 1,052.51 points.

Yunnan Chihong Zinc & Germanium Co dived 8.47 percent to 27.56 yuan and Jiangxi Copper Co, the nation's biggest producer of the metal, plunged 7.39 percent to 39.36 yuan. Aluminum Corp of China sank 7.03 percent to 16.27 yuan.

Baoshan Iron & Steel Co tumbled 6.52 percent to 8.32 yuan and Wuhan Iron and Steel Co was down 5.57 percent to 10.01 yuan. Handan Iron & Steel Co dipped 3.5 percent to 6.61 yuan and Inner Mongolia Bao Tou Steel Union Co withdrew 4.89 percent to 5.06 yuan.

Shipping lines declined after transport costs for commodities dropped for a ninth day. China Cosco Holdings Co, the world's largest operator of dry-bulk ships, slid 6.46 percent to 16.06 yuan. Cosco Shipping Co, a unit of China's biggest shipping company, slipped 5.22 percent to 13.06 yuan.

Bank of China decreased 2.75 percent to 4.24 yuan and China Merchants Bank Co edged down 2.46 percent to 17.41 yuan. Bank of Communications Co withdrew 4.26 percent to 9.43 yuan and Industrial and Commercial Bank of China eased 3.92 percent to 4.9 yuan.


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