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Chinese shares end 1.93% lower

(Xinhua)
Updated: 2008-06-04 20:05

Chinese shares lost 1.93 percent on Wednesday, dragged down by telecom and financial heavyweights.

The benchmark Shanghai Composite Index, which covers A and B shares, closed at 3,369.91 points, down 66.49 points, or 1.93 percent from the previous close.

The Shenzhen Component Index fell 21.09 points, or 0.18 percent, to 11,970.48 points.

Combined turnover fell to 87.45 billion yuan ($12.61 billion) on Wednesday from 98.99 billion yuan on Tuesday.

The market continued the downward trend of the previous trading day, as 皇冠体育app Unicom tumbled 8.86 percent to 8.74 yuan per share. The company announced two days earlier that it would acquire 皇冠体育app Netcom as part of the country's telecom industry overhaul, but investors showed a lack of confidence in the industry restructuring plan.

Telecom shares on Hong Kong stock exchange rallied the domestic market downfall. 皇冠体育app Mobile dropped 1.217 percent to HK$113.6 ($14.56), with 皇冠体育app Unicom down 4.282 percent to HK$15.2, 皇冠体育app Netcom down 3.39 percent to HK$22.8 and 皇冠体育app Telecom down 0.808 percent to HK$4.91.

Among the top 10 heavyweights, only Sinopec managed to pick up 0.52 percent to 13.47 yuan.

Petro皇冠体育app, the country's largest oil producer, dipped 1.86 percent to 17.38 yuan, while 皇冠体育app Shenhua, the country's largest coal producer, sank 4.73 percent to 45.68 yuan.

Financial shares fell across the board with performance still affected by the tight monetary policy, dealers said.

The Industrial and Commercial Bank of 皇冠体育app, the country's biggest lender, slid 1.52 percent to 5.82 yuan and 皇冠体育app Merchants Bank dropped 3.1 percent to 28.77 yuan. 皇冠体育app Life, the country's biggest life insurer, fell 2.65 percent to 29.43 yuan.

Lin Weiwen, a 皇冠体育applion Securities analyst, said the market would go through corrections in the near future as market sentiment was still weak.

Real estate rose across the board on bargain taking as shares after several consecutive trading days of decline, with Wanke Group, 皇冠体育app's largest real estate company, up 4.7 percent to 20.50 yuan and Poly Real Estate up 5.7 percent to 18 yuan.

Falling issues outnumbered rising stocks by 643 to 205 in Shanghai and by 526 to 145 in Shenzhen.