Stock losses enter 6th day in morning trade

THE Shanghai Composite Index continued to drop for the 6th straight day on slumping gold prices, and a worse-than-expected conclusion to the Central Economic Work Conference in Beijing.

The key index fell 1.11 percent to 2,203.84 points in the morning. The non-ferrous metals sector led the fall.

Gold spot prices fell eight percent in the preceding three days, Bloomberg said, and dropped as much as 0.2 percent to US$1,570.38 an ounce today.

Worries have emerged that a strengthening US dollar will further drive down gold prices to an even lower level.

Investors were disappointed by the results of the three-day Central Economic Work Conference that concluded in Beijing yesterday. According to Xinhua news, policymakers have set the tone for next year's policy as 'stabilizing.'

A proactive fiscal policy and a prudent monetary policy will be maintained in 2012 to sustain economic growth and social stability.


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