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Mainland markets extend tumble, financial shares hit by economic fears

By Yu Xi (Global Times)

13:51, September 19, 2012

Stock markets in Shanghai and Shenzhen declined for a second straight day Tuesday, accompanied by a continued decline in sentiment.

The Shanghai Composite Index dropped 18.96 points, or 0.91 percent, to close at 2,059.54; while the Shenzhen Component Index lost 1.10 percent, or 93.54 points, to finish at 8,390.15.

Both indices opened lower Tuesday on losses from the previous day and closed out the morning session in the black thanks to contractions in non-ferrous metal, coal and military stocks. Real estate stocks, along with a handful of topical sectors - including glass and touch screen display makers - performed well in the afternoon session, but not well enough to offset broad losses in banking and securities stocks or a precipitous decline in trading sentiment.

Property developers tacked on slight gains after data released by the National Bureau of Statistics Tuesday showed month-on-month rises in home prices in 36 of China's 70 major cities in August. Poly Real Estate Group jumped 1.13 percent to 9.82 yuan ($1.55). China Merchants Property Development Co climbed 0.16 percent to 19.18 yuan.

Chinese and Japanese joint auto ventures again declined as anti-Japanese protests spread across China. Shanghai-listed Dongfeng Automobile Co, which makes Dongfeng and Nissan-branded automobiles, fell 0.36 percent to 2.74 yuan.

Finance stocks were dealt a blow near the end of the trading day as investors again grew concerned about the bad loan risks facing local banks as well as the country's sluggish economic growth, say analysts. Ping An Bank Co declined 1.46 percent to 13.51 yuan. China Minsheng Banking Group shed 1.95 percent to 5.54 yuan. China Merchants Securities Co slumped 1.89 percent to 9.85 yuan.

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