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China's shares fall ahead of May Day weekend

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1 China's shares fall ahead of May Day weekend on Fri Apr 30, 2010 8:51 pm


The Associated Press April 30, 2010, 5:10AM ET
China's shares fall ahead of May Day weekend


China's shares extended their decline Friday ahead of a three-day May Day weekend on a lack of news to drive prices as investors looked ahead to economic data.

The benchmark Shanghai Composite Index rose a nominal 0.08 percent, or 2.18 points, to 2,870.61, ending the month down nearly 8 percent. The Shenzhen Composite Index for China's smaller second market lost 1.7 percent, or 19.55 points, to 1,112.68.

The markets are closed Monday and reopen Tuesday.

"Investors lacked trading sentiment ahead of the May Day holiday and there was no news outside their expectations to move the market," said Liu Feng, a strategist for Central China Securities in Shanghai.

"The market may maintain its downward trend when trade resumes after the holiday, unless we see a mild consumer inflation figure and continuous economic growth in May," Liu said.

Shares in banks and real estate developers gained while small and midsize companies fell.

Industrial & Commercial Bank of China Ltd., the country's biggest commercial lender, gained 1.1 percent to 4.54 yuan. China Vanke Ltd., the country's biggest developer, rose 0.5 percent to 7.8 yuan.

Dongfeng Auto Group dropped 3.3 percent to 6.08 yuan. Ningbo United Group, an import-export trader, slid 4.9 percent to 10.02 yuan. Zhejiang Furun Group, a textile maker, lost 3.9 percent to 8.21 yuan.

In currency markets, China's yuan was unchanged at Thursday's level of 6.8252.

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