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Oil giants drag stocks to 21-month low

(Xinhua)
Updated: 2008-09-08 15:52

Chinese shares extended losses on Monday as the benchmark index slumped to 21 month low, which was dragged down by the country's two oil giants and concerns of slower economic growth.

Oil heavyweight PetroChina shed 4.86 percent to 11.36 yuan, the lowest in record. Sinopec, the country's biggest crude refiner tumbled 7.59 percent to 9.13 yuan.

The benchmark Shanghai Composite Index finished 59.03 points or 2.68 percent lower at 2,143.42. The Shenzhen Component Index slid 260.20 points or 3.58 percent to 6,980.92.

Losses outnumbered gains by 786-87 in Shanghai and 703-34 in Shenzhen.