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Chinese shares extend previous loss in morning session
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09:47, April 19, 2008

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Chinese shares continued to drop on Friday morning after the key index touched its lowest level in more than one year in previous trading.

The benchmark index closed at 3,155.23, down 2.09 percent from previous slump. The Shenzhen Composite Index lost 0.82 percent to 11,561.47 points.

The benchmark Shanghai Composite Index opened slightly lower on Friday morning and then quickly slipped to the lowest point of 3,079.21 after 10 a.m.

Analysts said investors were still panic after Wednesday's reports of slower economic growth and higher inflation in the first quarter.

Most of the market heavyweights reported heavy losses, leading the slump.

PetroChina, the most heavily weighted stock in Shanghai index, tumbled 3.38 percent to 16.30 yuan, lower than its IPO price of 16.7 yuan. Sinopec fell 5.14 percent and Daqin Railway shed 9.45 percent to 13.89 yuan.

Chinese shares fell 2.09 percent on Thursday amid investor caution, with the benchmark Shanghai Composite Index declining to the lowest level since March 30 last year. The decline took the index 47 percent below its peak point in October.

Source: Xinhua

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