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Chinese share prices slightly lower upon profit taking

(Xinhua)
Updated: 2009-01-07 16:34

Chinese equities ended a two-day bullish run and closed Wednesday's trading slightly lower as investors chose to collect gains.

The benchmark Shanghai Composite Index dipped 13.13 points, or 0.68 percent, to 1,924.01. The Shenzhen Component Index dropped 69.52 points, or 1.02 percent, to 6,725.82.

Combined turnover was 97.619 billion yuan ($14.27 billion), down from 105.22 billion yuan for the previous trading day.

Gains outnumbered losses by 445 to 391 in Shanghai and 388 to 319 in Shenzhen.

The telecom sector led the downward trend after the Ministry of Industry and Information Technology issued third-generation mobile phone licenses and investors started profit taking.

For example, China Unicom fell 1.89 percent to 5.19 yuan, Zhongxing Telecom went down 4.03 percent to 27.83 yuan, Sanwei Telecom down 5.43 percent to 11.85 yuan, and Gaohong Holdings down 3.38 percent 5.43 yuan.

In a related development, China Unicom's H-shares plummeted 7.78 percent to HK$9.48 ($1.35), and China Mobile's H-shares fell more than 3 percent to HK$80.6.

The banking sector flagged 1.44 percent on average after China Construction Bank (CCB) said Bank of America planned to sell 5.62 billion of CCB's H-shares at a discount.

Share price of CCB went down 2.52 percent to 3.87 yuan, Bank of China down 1.96 percent to 3.00 yuan, Industrial and Commercial Bank of China down 2.16 percent to 3.62 yuan, Bank of Communications down 0.39 percent to 5.11 yuan.

However, medical and pharmaceutical shares gained upon imminent release of a new reform scheme for the sector.

Shanghai Furen, Tianfang Pharmaceutical and Jinling Pharmaceutical rose by the 10-percent daily limit to 4.92 yuan, 4.29 yuan and 6.38 yuan respectively. Yibai Pharmaceutical gained 8.39 percent to 6.88 yuan, Jinyu Group went up 6.17 percent to 6.01 yuan and Ziguang Guhan up 5.21 percent to 5.25 yuan.