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China stocks close lower Friday

(Xinhua)

07:52, October 27, 2012

BEIJING, Oct. 26 (Xinhua) -- Chinese stocks dropped on Friday with losers outnumbering gainers by 861 to 101 in Shanghai and by 1,332 to 194 in Shenzhen.

The benchmark Shanghai Composite Index declined 1.68 percent, or 35.37 points, to finish at 2,066.21. The Shenzhen Component Index closed at 8,414.85, down 187.96 points, or 2.18 percent.

Combined turnover dipped to 104.50 billion yuan (16.58 billion U.S. dollars) from 107.61 billion yuan the previous trading day.

Non-ferrous metals and technical stocks led the drop on Friday.

Rare earth stocks dropped heavily as Baotou Steel Rare Earth Hi-Tech Company, China's largest rare earth supplier, and industry giant Ganzhou Rare Earth Mineral Industry Co., Ltd. suspended production to stabilize prices.

Baotou Steel Rare Earth Hi-Tech Company declined 6.98 percent to close at 28.92 yuan.

Steel stocks also dropped as the sector started to adjust after a period of strong performance. Zhongyuan Special Steel Co., Ltd. led the decline, dropping 6.92 percent to close at 8.20 yuan.

Despite China's successful launch of a satellite into space for its indigenous global navigation and positioning network late on Thursday, China Spacesat Co., Ltd. lost 3.75 percent from the previous trading day to close at 10.78 yuan.

The banking sector failed to be encouraged by the quarterly profit reports announced by major banks.

Bank of China dipped 1.09 percent to close at 2.71 yuan although it said its net profits rose 10.37 percent to 106.36 billion yuan in the first three quarters of the year.

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