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China shares down 1.2% in morning trade
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13:50, January 15, 2009

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Chinese share prices slid almost 1.2 percent before noon break on Thursday as cautious investors locked in profits following Wednesday's strong rebound.

The benchmark Shanghai Composite Index closed the morning trade down 22.20 points, or 1.15 percent, to 1,906.67. The index opened down 0.83 percent and trimmed loss to 0.1 percent at one point.

The index gained 3.5 percent Wednesday on expectation of a recovery in the economy and government's plans to bolster the steel and auto sectors.

Investors remained cautious ahead of the release of more 2008 economic data next week and with sell-offs on the Wall Street, said analysts.

Overnight, the Dow Jones Industrial Average tumbled 248.42 points, or 2.94 percent, to close at 8,200.14.

Oil, coal and financial stocks led the retreat.

PetroChina fell 1.56 percent to 10.08 yuan. China Shenhua Energy dropped 2.87 percent to 18.60 yuan.

Overnight, the light, sweet crude for February delivery fell 50cents to settle at 37.28 U.S. dollars a barrel on the New York Mercantile Exchange.

China Life slumped 3.01 percent to 19.02 yuan. Industrial and Commercial Bank of China lost 2.24 percent to 3.49 yuan.

Source: Xinhua

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