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BIZCHINA> Top Biz News
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Chinese shares plummet 5% in intra-day trading Monday
(Xinhua)
Updated: 2009-08-31 14:06 Chinese equities continued their downward trend and plummeted more than 5 percent in intra-day trading Monday, with the benchmark Shanghai Composite Index losing 5.25 percent to 2,710.62 points by 11 am. The Shanghai Composite Index closed at 2,706.96 points, down 5.37 percent, or 153.73 points. The Shenzhen Component Index closed at 10,723.41 points, down 6.35 percent, or 726.67 points. Zhang Yunpeng, an analyst with Beijing-based Huarong Securities, told Xinhua Monday that the fall was partly caused by the initial public offering of Metallurgical Corp of China (MCC).
Zhang said investor confidence remained weak after the Shanghai Composite Index had lost more than 17.3 percent since the beginning of this month as of Friday. Sinopec, the country's leading oil refiner, fell 9.46 percent to 11.2 yuan, with PetroChina down 5.25 percent to 13 yuan. China Vanke, the country's largest listed real estate developer, shed 7.23 percent to 9.49 yuan. (For more biz stories, please visit Industries)
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