Developers drag down key index

09:13, April 13, 2010      

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Mainland stocks fell, extending a weekly decline by the benchmark index, as developers slumped after banks tightened mortgages amid concern the property market is overheating.

Poly Real Estate Group Co lost 4.1 percent to 18.80 yuan. Gemdale Corp dropped 4.9 percent to 12.94 yuan after saying sales fell last month.

Airlines gained on speculation the government will allow the yuan to resume appreciation, cutting carriers' overseas debts. China Southern Airlines jumped 9.2 percent to 9.13 yuan.

The Shanghai Composite Index dropped 16.08, or 0.5 percent, to 3129.26 at the close, adding to last week's 0.4 percent loss. The CSI 300 Index slid 0.8 percent to 3351.48.

Source: China Daily


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