Shares down 0.4%, hit resistance

09:42, June 18, 2010      

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China's key stock index ended down 0.4 percent Thursday in light turnover, giving up modest early gains after failing again to breach a psychologically key barrier at 2,600 points that has capped the market since a slide last month.

The Shanghai Composite Index ended the session at 2,560.2 points, its lowest close in more than a week and retreating from a high of 2,595.5 hit early in the session when sentiment was boosted by stronger European markets.

The index ended up 0.3 percent last Friday, its last trading day before a three-day public holiday.

China's stock market remains one of the world's worst performers this year, down 22 percent after the country unleashed a broad range of policies to clamp down on speculation in the property sector.

Analysts said the launch of Agricultural Bank of China's mammoth initial public offering was a factor curbing gains although much of the information had already been priced in.

The offering by Agricultural Bank will potentially stretch market liquidity and divert funds away from rivals.

Source: Global Times


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