Shanghai shares end below 3,300 points

Huang Yixuan
Retreat of blue chips is a contributory factor for the drop in the key index for a third day
Huang Yixuan

Shanghai stocks fell for the third day to end below 3,300 points today as blue-chip shares retreated which spooked investors.

The Shanghai Composite Index dipped by 0.29 percent to end at 3,293.96 points.

"The loss in the stock market today is partly due to retreats of weighted blue chip stocks such as  cyclical stocks," Cinda Securities said in a note.

Iron and steel shares continued to fall, with Baoshan Iron & Steel Co Ltd shedding 5.56 percent to close at 8.50 yuan while Shanghai Broadband Technology Co Ltd fell 4.94 percent. Three other steel companies lost over 3 percent.

Insurers such as Ping An Insurance Group Co of China Ltd and China Pacific Insurance Group Co Ltd both shed over 2 percent.

Banks also declined, with China Merchants Bank Co Ltd falling 1.9 percent and China Minsheng Banking Corp Ltd losing 1.77 percent.

Auto shares also reversed, with leading automakers such as Guangzhou Automobile Group Co Ltd and Geely Automobile Holdings Ltd dropping.

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