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Middle East tensions hit the markets

By Irene Shen | China Daily | Updated: 2011-02-26 07:36

Middle East tensions hit the markets

SHANGHAI - Most stocks fell on the Chinese mainland on Friday, adding to the benchmark index's first weekly drop in more than a month.

The retreat came on concern that higher oil prices caused by Middle East tensions will curb earnings growth.

China Petroleum & Chemical Corp, the nation's largest refiner, slid to the lowest in five weeks, and China Southern Airlines Co lost 1 percent after oil prices climbed to the highest in 29 months on Thursday. Industrial & Commercial Bank of China Ltd, the world's largest bank by market value, led gains for lenders after Citigroup Inc recommended large companies including banks. Jiangxi Copper Co climbed 2.1 percent.

Middle East tensions hit the markets

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