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China's stocks close down Friday

Source:   Time:

China's stocks on Friday fell for the first time in three days dragged down by banks and non-ferrous metal producers on heightened concerns of policy tightening.

The benchmark Shanghai Composite Index dropped 0.92 percent, or 26.56 points, to close at 2,871.70.

The Shenzhen Component Index edged down 0.52 percent, or 65.07 points, to end at 12,539.01.

Combined turnover shrank from Thursday's 323.22 billion yuan to 272.1 billion yuan (40.61 billion U.S. dollars).

Banking stocks declined after the Shanghai Securities News reported the central bank would lower the new lending target for next year.

Industrial and Commercial Bank of China, the nation's largest commercial lender, shed 1.59 percent to 4.32 yuan. China Merchants Bank, the country's sixth biggest commercial bank, fell 1.63 percent to 13.26 yuan.

Non-ferrous metal makers retreated as government moved to control commodity prices and crackdown on futures speculations to dampen rising inflation.

China Non-ferrous Metal Industry's Foreign Engineering & Construction Co., Ltd dropped 4.51 percent to 29.20 yuan. Jiangxi Copper Co. fell 2.7 percent to 34.98 yuan.

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