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Chinese shares plunge 5% on profit taking

(Xinhua)
Updated: 2009-07-29 14:52

Chinese equities ended 5 percent lower Wednesday after rebounding from a plummet of more than 7 percent in the afternoon trade, as investors cashed in on earlier gains during the past five consecutive trading days.

The benchmark Shanghai Composite Index closed at 3,266.43 points, down 171.94 points, or 5 percent, ending a five-day rising streak.

The Shenzhen Component Index retreated 5.54 percent to finish at 13,070.6 points, down 766.06 points.

Combined turnover shot up to a record high of 429.1 billion yuan ($63.1 billion) from 374.27 billion yuan on the previous trading day.

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Losers overwhelmingly outnumbered gainers by 49 to 826 in Shanghai and 45 to 711 in Shenzhen.

Wednesday's plunge was "a normal correction as investors rushed to cash in on hefty profits, because the stock market had advanced for five consecutive trading days," Zhang Yunpeng, an analyst with Beijing-based Huarong Securities said.

The Shanghai index has gained from 3213.21 points on July 21 to 3438.37 on Tuesday, up 7 percent in five trading days.

The real estate sector led the losses, with more than 20 shares down by the daily limit of 10 percent. The Shenzhen-based Gemdale Corporation lost 10 percent to finish at 18.09 yuan, down 2.01 yuan.

China Vanke, the country's largest property developer by market value, lost 7.3 percent to end at 13.2 yuan. Poly Real Estate, China's second largest, plummeted 8.7 percent to 26.56 yuan.

PetroChina, the country's biggest oil producer, moved down by 5.99 percent to 15.22 yuan, after the Chinese government announced price cuts at the pumps a day earlier.

Other heavyweights on the Shanghai index also fell. China Shenhua, the country's largest coal producer, retreated 6.48 percent to 36.96 yuan. China Ping An went down 5.33 percent to 59.13 yuan.

Industrial and Commercial Bank of China, the country's biggest lender, lost 2.64 percent to 5.17 yuan, and China Construction Bank, the country's largest mortgage lender, edged down 0.49 percent to 6.15 yuan.

Huarong Securities's Zhang, however, said investor expectation of China's economic recovery remained unchanged, so it's possible that the index would bounce back or climb to new highs.