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Stock index nears four-year low

By Gao Changxin (China Daily)

08:18, November 28, 2012

An investor monitors share prices at a brokerage in Hangzhou, Zhejiang province, on Tuesday. The benchmark Shanghai Composite Index ended trading at 1991.17 points, its lowest close in about 46 months. (China Daily Photo)

Recovery from exchange's low close unlikely to come soon, say analysts, experts

Analysts say Chinese shares are unlikely to rebound quickly after closing at their lowest level in nearly four years on Tuesday.

The benchmark Shanghai Composite Index fell 1.3 percent, or by 26.29 points, to 1991.17, marking the first time it has closed below the psychologically important level of 2000 points in nearly four years.

The close was the lowest since Jan 23, 2009, when the index ended at 1990.66 points.

The decrease marked a contrast to the rally seen in most Asian markets and came amid the lowest trading on the Shanghai Stock Exchange in four years.

The drop below 2000 almost immediately had stock analysts talking about 1850 points or even 1800 points as being the next psychologically important levels. The value of the yuan, in contrast, has shown sustained strength, breaking another record on Tuesday.

Wang Jianhui, chief economist with Southwest Securities Co Ltd, blamed the drop on tightening liquidity conditions.

"The whole thing is technical and not about the fundamentals," Wang said.

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