Decline of blue chip counters pushes Shanghai stocks to end lower again

Market extends its drop for four days.

Shanghai stocks closed lower again today, extending their drop for a fourth day and taking their cue from declines of blue chip counters.

The Shanghai Composite Index lost 0.67 percent to close at 3,272.05 points.

"The index's dropping below 3,300 points (on Wednesday) and the falling blue chip financial shares shook the confidence of some institutional investors," Cao Xuefeng, chief strategic analyst at Huaxi Securities, said in a note. "The unstable international situation also influenced the market."

Financial shares fell from an earlier rally after the index went below 3,300 points. CITIC Securities Co Ltd shed 3.37 percent to 18.61 yuan, New China Life Insurance Co Ltd lost 3.25 percent, and Huaan Securities Co Ltd fell by 2.38 percent.

Coal companies also posted some of the biggest declines, with Baotailong New Materials Co Ltd losing 7.54 percent while Shaanxi Heimao Coking Co Ltd and Shanxi Coking Co Ltd both shed over 6 percent.

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