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China shares fall on Dubai World fears
11/27/09 03:13 ESTSHANGHAI -Chinese shares fell Friday on unease about Dubai World's debt problems, ending the week down 6.4 percent.
The benchmark Shanghai Composite Index shed 74.72 points, or 2.4 percent, to close at 3,096.26. The Shenzhen Composite Index for China's smaller second exchange fell 2.9 percent to 1,137.65.
Investors were shaken by Dubai World's request to creditors for more time repay $60 billion in debts, even though no Chinese institutions are known to be involved with the company, said Cai Junyi, an analyst for Shanghai Securities.
"It triggered investors' sensitive nerves," Cai said. "Dubai World is just like a small window that might reflect another financial tsunami."
Stocks fluctuated this week on uncertainty about the direction of government policy as Chinese leaders held an annual planning meeting.
Losses occurred across the board.
Bank of China Ltd. shed 2.2 percent to 4.04 yuan, while China Construction Bank Ltd. dropped by 1.2 percent to 5.85 yuan.
China Vanke Ltd., the country's biggest developer, declined by 5.4 percent to 11.27 yuan, and rival Poly Real Estate Group plunged by 5.5 percent to 24.37 yuan.
Jiangxi Copper Ltd., China's biggest metal producers, dropped 8.7 percent to 41.02 yuan and Aluminum Corp. of China was down by 4.3 percent to 14.08 yuan.
But enthusiasm was high for medical shares amid swine flu worries. Vaccine maker Hualan Biological Engineering Inc. advanced 4.1 percent to 61.81 yuan. Beijing Tiantan Biological Products Corp. gained 1.8 percent to 28.69 yuan.
In currency markets, the yuan weakened to 6.8298 to the U.S. dollar, down from Thursday's close of 6.8266.
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