Shanghai shares extend weakness for 4th straight session

Defense and military companies lead decline in the stock market.

Shanghai stocks extended their decline for the fourth straight session today amid a tumble by the defense and military sector.

The Shanghai Composite Index dipped 0.2 percent to close at 3,135.08 points.

Defense and military shares such as Avic Shenyang Aircraft Co Ltd lost 6.06 percent to 34.26 yuan and CSSC Offshore & Marine Engineering Company Limited dropped 4.83 percent.

Iron and steel companies also declined, with Inner Mongolia BaoTou Steel Union Co falling by 9.95 percent while Xining Special Steel Co Ltd and Shanghai Broadband Technology Co Ltd both shed over 5 percent.

Among other losers were non-ferrous metal firms, with Jiangsu Dingsheng Nw Mtrl Jnt-Stk Co shedding 9.94 percent and Western Gold Co Ltd falling 7.24 percent.

But a spot of good news today was that WuXi AppTec Co Ltd, a pharmaceutical and medical device "unicorn" — a privately held startup company valued at over US$1 billion — surged by the daily limit of 10 percent for the 15th straight session.

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