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April 19, 2017

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Worries pull shares to 2-month low

SHANGHAI shares yesterday fell for the third straight day to a two-month low amid investor worries over increasing regulation and fears that falling steel and coal prices may have a negative impact on China’s economic outlook.

The Shanghai Composite Index lost 0.79 percent to 3,196.71, the lowest since February 10 when it closed at 3,196.7 points.

Chinese regulators have made a flurry of announcements in recent weeks aimed at containing risks in the financial system, though most have been short on detail.

Steelmakers led the loss, with Xinjiang Ba Yi Iron & Steel Co dropping 5.05 percent to 7.89 yuan (US$1.15) and Inner Mongolia Baotou Steel Union Co shrinking 3.1 percent to 3.13 yuan.

Their declines echoed the falling prices in futures market. Prices of rebar and hot-rolled coil lost 4 percent yesterday.

Meanwhile, prices of coking coal and coke, raw materials used in steel production, declined more than 2 percent in futures market.


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