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Stocks drop early as heavyweights fall
Aggregated Source: Shanghai Daily: Business

SHANGHAI stocks declined this morning as heavyweight financial firms and property developers fell.

The key Shanghai Composite Index lost 13.99 points, or 0.68 percent, to 2,045.40. Turnover was 45.6 billion yuan (US$7.5 billion) by the noon break.

"The overall economic condition is still in a downward trajectory and the market is expected to stay sluggish without substantial stimulus," said Sun Lipeng, analyst with Jufeng Investment Information Co.

China yesterday posted a slower year-on-year economic expansion of 7.5 percent in the second quarter, moderating from a growth of 7.7 percent in the prior quarter.

Lenders fell among financial firms. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 0.5 percent to 3.92 yuan. Industrial Bank Co dropped 1.8 percent to 10.08 yuan. China Minsheng Banking Corp declined 1.3 percent to 9.04 yuan.

Poly Real Estate, China's second-largest homebuilder, lost 2.6 percent to 10.65 yuan. Gemdale Corporation dropped 3.2 percent to 7.07 yuan.

Solar stocks rose against the falling index after China set a goal to install about 10 gigawatts of solar capacity annually from 2013 to 2015, bringing the total to more than 35GW by the end of 2015.

TDG Holding Co surged by the daily limit of 10 percent to 5.58 yuan. Sanan Optoelectronics Co jumped 5.9 percent to 20.53 yuan.

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