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Chinese shares continue to drop on Monday

(Xinhua)
Updated: 2009-08-10 16:00

Chinese shares fell slightly for the fourth consecutive trading day Monday despite government pledges at the weekend to maintain a relaxed monetary policy.

Related readings:  Chinese shares down 2.11% on weakening coal, financial stocks  Chinese shares grow at slower pace on cautious mood  Chinese shares set new record on PMI data rise

The benchmark Shanghai Composite Index dropped 0.34 percent, or 10.93 points, to finish at 3,249.76.

The Shenzhen Component Index fell 0.01 percent, or 1.61 points, to close at 12,973.65.

Combined turnover of the two bourses shrank to 230.88 billion yuan ($30.8 billion) from 279.04 billion yuan on the previous trading day.

Gainers outnumbered losers by 547 to 306 in Shanghai and 464 to 273 in Shenzhen.

Chinese Premier Wen Jiabao reaffirmed at the weekend that China would adhere to its moderately easy monetary policy in the face of economic difficulties and challenges.

Bank shares posted losses as 10 companies fell by more than 1.5 percent. Bank of Communications Ltd declined 3.36 percent to 9.77 yuan and the Bank of Nanjing Co Ltd dropped 1.63 percent to finish at 18.11 yuan.

The benchmark index had slumped to 3201.06 at 2:30 p.m., 86.7 points down from its opening, dragged down by coal and real estate heavyweights.

The index later rose, driven by the non-ferrous metal shares, which rallied before the close. Yunnan Aluminum Co Ltd rose 8.51 percent to close at 16.06 yuan. Yunnan Copper Co Ltd, the country's third biggest producer of copper, was up 4.86 percent to 33.87 yuan.

Real estate stocks fell 0.79 percent despite figures showing rising house prices in July. Home prices in 70 large and medium-sized Chinese cities rose 1 percent from a year earlier, said the National Bureau of Statistics Monday.

Poly Real Estate Group Co Ltd, the country's second largest developer by market value, lost 2.5 percent to 25.76 yuan. China Vanke Co Ltd, the biggest listed developer in China, declined 1.65 percent to 12.54 yuan.