China's stocks close down Monday

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Chinese shares fell Monday as profit taking drove the benchmark Shanghai Composite Index down 1.66 percent, or 46.99 points, to finish at 2,791.81 points.

The Shenzhen Component Index closed down 1.93 percent, or 242.78 points, to end at 12,331.16 points.

Combined turnover shrank to 198.67 billion yuan (29.94 billion U.S. dollars), down from 235 billion yuan the previous trading day.

Losers outnumbered gainers 825 to 102 in Shanghai and 1,112 to 129 in Shenzhen.

Financial stocks saw a broad decline Monday amid profit taking and investor caution, after rising sharply the previous trading day.

The Industrial Bank Co., Ltd. dived 3.43 percent to 25.61 yuan, after rising 7 percent the previous trading day. China Everbright Bank fell 2.39 percent to 4.09 yuan, while the Industrial and Commercial Bank of China, China's largest lender, dipped 1.4 percent to 4.24 yuan.

Shares of property developers fell after reports on Sunday that southwest China's Chongqing Municipality could be one of the first Chinese cities to impose a housing property tax.

China Vanke, the country's biggest real estate developer, dropped 1.69 percent to 8.74 yuan. Poly Real Estate, the second largest, fell almost 3 percent to 13.96 yuan.

Railway-related shares gained with Shenzhen-listed Bosun Tools Co., Ltd. rising 4.87 percent to 23.88 yuan and Daqin Railway Co., Ltd. edging up 0.51 percent to 7.94 yuan.

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