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Stocks fall to lowest in 15 months on slowdown

(People's Daily Online)

15:33, September 29, 2011

China’s stocks fell on Thursday, dragging the benchmark index to the lowest level in as many as 15 months, as investors continued sell-off amid thickening concerns of an imminent economic slowdown.

The Shanghai Composite Stock Index, tracking the bigger of China’s two stock exchanges, dropped 26.72 points, or 1.12 percent, to close at 2365.34 points on Thursday.

China’s two stock markets in Shanghai and Shenzhen, near Hong Kong, will be closed for a week early October, as the country celebrates the National Day holidays.

Stocks of financials including banks and major insurance and brokerages led the decline because of the market sentiment that a slowdown in the world’s second largest economy could negatively impact the income of China’s banks and other financial companies.

Though some Chinese economists are calling for Beijing authorities to relax its tightening monetary policies, the still-elevating inflation levels - caused in essence by an oversupply of credit in the past two years – have weighted on the country’s decision-makers.

Policy-makers are unlikely to relax tightening policies in the short term so the market is still in the process of seeking its bottom and support, say market analysts.

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