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Stocks dragged down by finance and heavyweights

SHANGHAI'S key stock index dropped nearly 2 percent today with falls among financial sector shares and heavyweights.

The benchmark Shanghai Composite Index was down 1.77 percent, or 43.25 points, to close at 2,405.35 points. Turnover was 103.1 billion yuan (US$14.9 billion). Losers outnumbered gainers 754 to 101 and 5 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, lost 3.19 percent to close at 794.95 points.

China Pacific Insurance (Group) Co, the nation's third-largest insurer, said first-quarter net income fell 89 percent from a year earlier to 200 million yuan. Its shares buckled 7 percent to 16.73 yuan.

China State Shipbuilding Co, the country's biggest shipbuilder, said first-quarter net income fell 36 percent from a year earlier to 623 million yuan. The stock lost 6.96 percent to 60.69 yuan.

Shanghai International Port Group reported a 28 percent drop in first-quarter profit. Its net income fell to 734 million yuan, or 0.035 yuan a share. The stock lost 4.27 percent to close at 5.16 yuan.

Banks showed mixed results. Bank of China added 0.29 percent to 3.46 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, dropped 0.75 percent to 3.99 yuan. Bank of Communications lost 2.03 percent to 6.28 yuan.


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