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Shares down 2.94% led by financial sector

(Xinhua)
Updated: 2008-10-29 15:50

Chinese shares dropped 2.94 percent on Wednesday despite a massive rally on Wall Street overnight.

The benchmark Shanghai Composite Index lost 2.94 percent, or 52 points, to close at 1,719.81. The Shenzhen index dropped 1.57 percent, or 92.46 points, to close at 5,798.67 points.

The combined turnover shrank to 50.06 billion yuan ($7.15 billion), from the previous trading day's 56.57 billion yuan. Losers outnumbered gainers by 734 to 78 in Shanghai and 556 to 123 in Shenzhen.