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Local stocks follow losses overseas

By Yu Xi  (Global Times)

08:13, June 20, 2012

The Shanghai and Shenzhen stock markets finished down Tuesday, due to contractions in the US and European markets Monday and an absence of positive news to boost investors' confidence.

The Shanghai Composite Index declined 15.26 points, or 0.66 percent, to close at 2,300.80, while the Shenzhen Component Index slumped 1.31 percent, or 130.90 points, to finish at 9,848.16.

Both markets opened lower Tuesday due to bearishness in the US and European markets. The two indices wavered down throughout the morning session, with the Shanghai Composite Index hovering around the 2,300 point mark for most of the day.

Gains in banking and railway construction stocks gave the Shanghai Composite a slight nudge upward near the end of afternoon trading.

The media, bi0-pharmaceutical and food sectors registered strong performances Tuesday, while real estate and securities stocks led the market in terms of losses.

Developers saw their stocks tumble following the denial of rumors that the central bank and banking regulators were considering easing mortgage lending policies, according to a China Securities Journal report Tuesday, citing a spokesperson from the Ministry of Housing and Urban-Rural Development.

Shenzhen-listed RiseSun Real Estate Development Co stepped down 7.25 percent to 11.01 yuan ($1.73) on the news.

China's social security fund opened eight new accounts at the Shanghai and Shenzhen exchanges respectively in May, which may lift investor confidence by showing that the government believes the time is right to invest in stocks, analysts say.

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