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China's key stock index drops below 2,300

(Xinhua)

08:26, June 08, 2012

BEIJING, June 7 (Xinhua) -- Chinese equity markets extended losses for a fourth day Thursday, with the country's key stock index dipping below 2,300 points for the first time in nearly two months.

The markets continued a downshifting trend, as investors were cautious ahead of the release of key economic data for May.

The benchmark Shanghai Composite Index closed at 2,293.13, down 16.42 points, or 0.71 percent.

The Shenzhen Component Index edged down 57.34 points, or 0.58 percent, to close at 9,755.64.

Combined turnover expanded to 113.89 billion yuan ($18.02 billion) from 108.54 billion yuan the previous trading day, as investors took a wait-and-see attitude amid policy uncertainties.

Analysts have predicted that the central bank might launch its first interest rate cut for the year later this week in order to stabilize growth.

Losers outnumbered gainers by 657 to 245 in Shanghai and 939 to 450 in Shenzhen.

Shipbuilders, papermakers and home appliance manufacturers led the decline, with CSSC Jiangnan Heavy Industry Co Ltd down 2.03 percent to 16.9 yuan per share. Mudanjiang Hengfeng Paper Co Ltd fell 1.36 percent to 7.26 yuan; Aucma Company Ltd dipped 1.08 percent to 4.59 yuan.

Bucking the trend, agriculture-related stocks rose 2.53 percent, while property developers reversed losses on the previous trading day after gaining 0.66 percent.

Yuan Longping High-Tech Agriculture Co Ltd surged 3.46 percent to 24.84 yuan. Poly Real Estate, the country's second-largest property developer, rose 0.89 percent to 13.64 yuan.

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