Shenzhen shares close lower on institutional selling

B-share prices closed lower after institutional selling erased the market's early gains. Fears about the outlook for the global economy as the US apparently prepares to launch military action in Central Asia in retaliation for last week's terrorist attacks on the US, also kept many investors sidelined. The composite A- and B-share index closed 38.24 points or 1.04 percent lower at 3,628.27 on turnover of RMB3.57 bln after trading to a high of 3,681.88 and a low of 3,621.78. The A-share sub-index dropped 39.52 points or 0.96 percent to 4,036.04 on turnover of RMB3.35 billion after trading between 4,092.59 and 4,028.45. The B-share sub-index closed 28.31 points or 2.08 pct lower at 1,329.02 after fluctuating between 1,364.69 and 1,324.01.

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