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Domestic markets take a dive as Asian shares weaken

By Yu Xi (Global Times)

08:37, September 27, 2012

Stock markets in Shanghai and Shenzhen retreated sharply Wednesday, with the Shanghai Composite Index skidding to an inter-day low below the 2,000 point market and closing at the lowest level in 43 months.

The Shanghai Composite Index fell 25.12 points, or 1.24 percent, to close at 2,004.17; while the Shenzhen Component Index slumped 1.10 percent, or 90.87 points, to finish at 8,193.37.

Both indices advanced in the early morning as the nuclear power, securities, military and shipping sectors surged up. These gains were quickly wiped away though as steep drops in Japan's Nikkei Average and Hong Kong shares dragged mainland markets back into negative territory, where they remained for the rest of the trading day. Afternoon losses in coal and finance stocks added further weight on the indices and pulled the Shanghai Composite to a daily low of 1999.48.

In what was a mostly down day for mainland shares, a handful of listed brokerages were able to secure victories after the China Securities Journal reported Wednesday that the China Securities Regulatory Commission (CSRC) would focus on introducing measures to maintain stability in the financial market, while the government would also move to support the development of the capital market in China's western regions. Southwest Securities Co surged 3.49 percent to 8.90 yuan ($1.41). GF Securities Co tacked on 1.53 percent to 12.60 yuan.

Gold stocks extended their fall from Tuesday into Wednesday. Shandong Humon Smelting Co slumped 7.99 percent to 22.00 yuan. Zhejiang Ming Jewelry Co went down 5.58 percent to 17.55 yuan. Zijin Mining Group declined 2.81 percent to 3.80 yuan.

Chinese oil stocks were hit as well thanks to declining oil prices in the international market. China Petroleum & Chemical Corporation dived 1.35 percent to 5.83 yuan. SINOPEC Shandong Taishan Petroleum Co declined 4.13 percent to 4.87 yuan.

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