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Brokers fall as markets snap rally

By Yu Xi  (Global Times)

09:12, December 12, 2012

Stock markets in Shanghai and Shenzhen came off their recent winning streak with marginal losses Tuesday.

The Shanghai Composite Index fell 9.07 points, or 0.44 percent, to close at 2,074.70; while the Shenzhen Component Index surrendered 0.55 percent, or 45.25 points, to finish at 8,220.54.

Both indices opened lower and traded down for most of the day. Gains in the heavily weighted coal, non-ferrous metal and banking sectors were not enough to offset the broad drops in securities, environmental protection, entertainment, shipping, agriculture, forestry, animal husbandry and fishery shares which ultimately pulled both markets into negative territory by the end of trading.

Alcoholic drink makers were able to escape the markets' downward momentum and notch sizable wins as brewers continued to distance themselves from the contamination scandal which battered the sector for several weeks starting late last month. Xinjiang Yilite Industry Co climbed 5.27 percent to 12.79 yuan ($2.05). Shanxi Xinghuacun Fen Wine Factory Co tacked on 2.11 percent to 35.35 yuan.

Earnings concerns sent brokers flagging. Of the 19 listed securities firms which had released financial reports for November as of Friday, six posted losses for the month, according to reports Tuesday from the National Business Daily. Southwest Securities Co lost 38.89 million yuan during the month, giving it the worst November results. Shares of the company fell 1.14 percent to 7.81 yuan. Soochow Securities Co shed 2.33 percent to 6.72 yuan.

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