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Thursday, January 28, 2016, 16:20

China stocks end at more than one-year low

By Agencies

SHANGHAI - Chinese shares extended their losing streak to the third day on Thursday, breaching the 2,700-point mark and hitting a record low since November 2014.

The benchmark Shanghai Composite Index closed 2.92 percent lower at 2,655.66 points, while Shenzhen declined by 3.61 percent to close at 9,082.59 points.

The ChiNext Index, the NASDAQ-style board of growth enterprises, lost 4.56 percent to close at 1,906.46 points.

Total turnover on the two bourses further waned, standing at 399.4 billion yuan (US$60.95 billion).

Ship-building and textiles stubbornly remained the worst performers.

The two oil giants, China Petroleum & Chemical Corporation and PetroChina Company, buoyed the sinking shares in the afternoon session, but failed to lead the market to winning territory at closing, finishing 0.92 percent lower and 2.2 percent higher respectively.

Sub-indexes related to agriculture gained during the morning session, pepped up by an official document released on Wednesday evening which vowed "marked progress" in the agricultural sector.

China will apply its new concept of development to agricultural modernization to make the process more efficient, inclusive and environment-friendly, according to the document.

The market sentiment is strained, with the Chinese capital market already witnessing three low records hit one after another during the week. By extending the downtrend to the third day on Thursday, the market saw the longest losing streak in 3 weeks since Jan 6.

Chinese stocks opened lower, joining the woes in the global capital market as the Federal Reserve kept its target interest rate unchanged.

The Federal Reserve said Wednesday that it will maintain the target range for the federal funds rate at 0.25 percent to 0.5 percent, pledging to keep the accommodative monetary policy to support economic growth.

The US stock market gained before the statement, in a knee-jerk reaction to the mild recovery in oil prices, but fell back to negative territory on concerns that the Fed is offering acknowledgement to the worrisome capital market.

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