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Mainland stocks fall from record at noon break
Last Updated(Beijing Time):2007-05-09 11:46

Chinese mainland stocks fell from a record as some investors judged excessive the rally that's made them Asia's best performers this year. Citic Securities Co and Youngor Group Co led the decline.

The Shanghai Composite Index, which tracks the bigger of domestic stock exchanges, fell 0.6 percent, to 3,926.45. The Shenzhen Composite Index, which covers the smaller one, declined 2.2 percent, to 1,083.37.

``Prices have been reaching records every day and investors are becoming nervous,'' said Yi Yangfang, who helps manage the equivalent of US$5 billion at GF Fund Management Co in the southern city of Guangzhou. ``They want to take profits at this stage.''

Citic Securities Co, the country's biggest listed brokerage, fell 3.93 yuan (51 US cents), or 6.6 percent, to 55.90 yuan. Youngor Group, the nation's No. 1 maker of men's clothing by sales, lost 0.47 yuan, or 3.2 percent, to 14.38 yuan. Kweichow Moutai Co, maker of a fiery spirit Chinese officials once used to toast former U.S. president Richard Nixon, declined 5 yuan, or 5.2 percent, to 91.50 yuan.

Shanghai International Airport Co, operator of China's second-busiest airfield, dropped 2.34 yuan, or 6.8 percent, to 32.32 yuan. Shenzhen Development Bank Co, controlled by buyout firm Newbridge Capital LLC, lost 1.25 yuan, or 4.6 percent, to 26.00 yuan.

Source:Shanghai Daily 
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