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Chinese shares extend losses Tuesday


16:35, November 08, 2011

BEIJING, Nov. 8 (Xinhua) -- Chinese stocks extended losses Tuesday as plunging home sales weighed on property developers, and media and entertainment companies led declines.

The benchmark Shanghai Composite Index fell 0.24 percent, or 5.96 points, to close at 2,503.84.

The Shenzhen Component Index slid 50.56 points, or 0.48 percent, to finish at 10,541.1.

Combined turnover stood at 146.67 billion yuan (23.2 billion U.S. dollars), down slightly from 150.95 billion yuan the previous trading day.

Losers outnumbered gainers 728 to 188 in Shanghai, and 1,061 to 256 in Shenzhen.

Stocks of media and entertainment companies fell across the board after strong gains in previous trading days. Guangdong China Sunshine Media Co., Ltd. fell 3.78 percent to close at 12.98 yuan per share. Time Publishing and Media Co., Ltd. slid 3.41 percent to 13.32 yuan.

Property developers, hit by falling home sales, saw a 3.03 percent fall in their stock prices Tuesday. Poly Real Estate, China's second-largest developer by market value, dropped 1.99 percent to 9.85 yuan after it said Tuesday its housing sales fell more than 39 percent last month.

Bucking the trend, oil stocks rose. Sinopec shares rose 2.15 percent to 7.59 yuan; PetroChina gained 0.9 percent to close at 10.13 yuan.

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