| Chinese shares close lower amid global losses |
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| Saturday,August 11,2007 Posted: 06:17 BJT(2217 GMT) |
| Источник информации: chinaview Тип статьи:Перепечатка |
BEIJING, Aug. 10 (Xinhua) -- Chinese shares closed 0.1 percent lower on Friday due to heavy profit-taking amid worries over global losses and next week's release of key economic data.
The key Shanghai Composite Index, which covers A and B shares listed on the Shanghai Stock Exchange, declined 4.73 points or 0.1 percent to close at 4749.37 points.
The market recovered slightly from a morning plunge of 76.61 points or 1.61 percent, despite the benchmark index hitting an intraday all-time high of 4769.62 points in the morning.
On Friday, Asian stock markets witnessed heavy losses in the wake of Wall Street's tumble, with Hong Kong shares down 2.88 percent and South Korean shares down 4.2 percent.
"The market showed signs of correction after the hasty rise in recent days, which was inevitable amid the heavy losses in neighboring markets," said an analyst with Shenyin Wanguo Securities.
Meanwhile, July's inflation figure in China, to be announced on Monday, was predicted to be five percent, following a 28-month high of 4.4 percent in June and triggering fears of more cooling measures and greater market volatility, said analysts at Guangfa Securities.
The heavyweight Industrial and Commercial Bank of China, which rose 2.29 percent, continued to be a major contributor to the index and led the recovery in the afternoon.
The Bank of China, however, dipped 0.17 percent and China Minsheng Banking Corp. dropped 2.55 percent.
The aviation sector racked up the highest rise, with Air China up 7.72 percent, Hainan Airlines up 6.95 percent, Shanghai Airlines up 9.98 percent and China Southern Airlines up the daily limit of 10 percent.
There were only 302 gainers in the mainland's two bourses, while the number of losers soared to 1,025.
The component index of the smaller Shenzhen Stock Exchange dropped 356.94 points or 2.14 percent to 16,323.44 points.
Turnover of the two bourses added up to 227.2 billion yuan (30 billion U.S. dollars), compared with 211 billion yuan on the previous day.
The Hushen 300 index, which tracks 300 companies on the Shanghai and Shenzhen stock exchanges, closed at 4,726.68 points on Friday, down 50.6 points or 1.06 percent from the previous close.
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