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Wednesday, 25 March 2009 - Chinese stocks fall after 7-day advance
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    Read more with google mobile : Chinese stocks fall after 7-day advance

    Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Chinese stocks fall after 7-day advance AP - Thursday, March 26 SHANGHAI - Chinese stocks retreated Wednesday on profit-taking, breaking a seven-day rally, as the market was dragged down by declines in financial and nonferrous metal shares. ADVERTISEMENT The benchmark Shanghai Composite Index closed down 46.86 points, or 2 percent, at 2,291.55, ending a rally that saw it rise 9.8 percent over seven sessions. The Shenzhen Composite Index for China's smaller second exchange shed 2.2 percent to 757.07. "The confidence of investors started to fade after such a long rally, but this is just a technical reverse. With a lower dollar and higher oil prices, expectations of global inflation are still there," said Cao Xuefeng, an analyst for Huaxi Securities in the western city of Chengdu. Bank of China, the country's third-largest commercial lender by assets, fell 2.3 percent to 3.39 yuan after the bank said its 2008 profits grew 14.4 percent, the slowest pace in three years. Industrial & Commercial Bank of China Ltd., China's biggest commercial lender, dropped 1.6 percent to 3.77 yuan, while China Construction Bank, Ltd. lost 1.9 percent to 4.20 yuan. Nonferrous metals dipped after soaring in previous sessions, with Aluminum Corp. of China off 2.6 percent to 10.41 yuan, and Jiangxi Copper Ltd. down 1 percent to 22.3 yuan. Auto shares fell after government raised gasoline and diesel prices Wednesday. Dongfeng Automobile Co. declined by 3.5 percent to 4.09 yuan and SAIC Motor Corporation Ltd. gave up 4.3 percent to 9.61 yuan. In currency trading, the yuan was unchanged against the U.S. dollar at 6.83120. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business CORRECTED - CORRECTED-Hindustan Motors sees FY09 Mitsubishi car sales flatReuters - Thursday, March 26 Israel's Paz Oil suffers Q4 lossReuters - Thursday, March 26 Japan's NTT, Pacnet among bidders for PCL cable -sourceReuters - Thursday, March 26 Wall St. slides as investors reassess government bank planReuters - Wednesday, March 25 European shares slip as banks, miners turn weakerReuters - Thursday, March 26 Most Popular – Business Viewed Deutsche Bank might have to cut jobs: report Red meat raises death risk, white meat lowers it Airlines face losses of $4.7 billion Tuberculosis ravages HIV/AIDS patients: WHO Scientists in possible cold fusion breakthrough View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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