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      Mainland stock exchanges drop amid bond default

      2014-03-10 09:03 Global Times Web Editor: qindexing
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      Stock markets in the Chinese mainland ended the week with a fall on Friday, amid concerns over China's first corporate bond market default.

      The benchmark Shanghai Composite Index nudged down by 1.67 points or 0.08 percent to 2,057.91 points on Friday. The index saw a weekly gain of 0.08 percent from the previous Friday, February 28.

      The Shenzhen Component Index slid by 23.55 points or 0.32 percent to 7,328.48 points on Friday. It saw a weekly decline of 0.51 percent from the previous Friday.

      Combined turnover on the two bourses on Friday was 215.84 billion yuan ($35.23 billion), down from Thursday's 222.26 billion yuan.

      On Friday, oil and nonferrous companies were among the biggest gainers while banks, brokerages, and property developers performed poorly.

      Shares in Shanxi Securities Co fell by 1.88 percent to 6.77 yuan, and the overall brokerage sector fell by 1.12 percent.

      The property sector declined by 1.24 percent, led by a fall in the country's two leading real estate companies, China Vanke Co and Poly Real Estate Group Co.

      News of the default by Shanghai Chaori Solar Energy Science & Technology worried investors last week.

      The loss-making solar cell and panel producer announced Wednesday that it would not be able to pay the interest on a loan. The interest payment of 89.8 million yuan was due on Friday.

      The company became the first domestic company in the corporate bond market to default. It was seen as an indicator that more similar defaults may follow.

      Despite the potential boost for stock markets from policy announcements at the ongoing annual two sessions - the National People's Congress and the National Committee of the Chinese People's Political Consultative Conference - investors remained cautious last week.

      "Investors may be concerned about economic data, property and credit risks," said a research note sent by Shenyin & Wanguo Securities on Friday.

      ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, declined by 1.92 points or 0.13 percent to 1,460.61 points on Friday. The index saw a weekly gain of 1.79 percent from the previous Friday.

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