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China shares open 0.42 pct lower after Wall Street rally

(Xinhua)
Updated: 2008-11-24 10:01

BEIJING -- Chinese shares opened by a slight 0.42 percent lower on Monday despite a Wall Street rally on Friday.

Related readings:  Chinese shares end mixed as investors await rate cut  Shares close 0.72% down amid regional market rebounds

The benchmark Shanghai Composite Index, which covers both A and B shares, fell 8.18 points, or 0.42 percent, to 1,961.21 at the opening.

US stock prices, pummeled for most of last week, rallied more than 6 percent on Friday after word first leaked out that US president-elect Obama set to introduce his economic team on Monday, including Timothy Geithner, 47, president of the New York Federal Reserve Bank, as his secretary of the Treasury.