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Chinese equities fall 2.59%, led by banks, metals heavyweights

(Xinhua)
Updated: 2009-08-25 16:00

China's equities sank 2.59 percent Tuesday, breaking three days of gains, dragged down by heavyweights in banking, steel and non-ferrous metals sectors.

The benchmark Shanghai Composite Index lost 77.63 points to finish at 2,915.8. The Shenzhen Component Index fell 3.21 percent, or 387.62 points, to end at 11,688.17.

Combined turnover expanded to 249.13 billion yuan ($36.48 billion) from 218.87 billion yuan on the previous trading day.

Losers outnumbered gainers by 636 to 232 in Shanghai and 583 to 214 in Shenzhen.

The benchmark index dropped after its opening by heavyweights in bank, steel, coal and real estate sectors to 2,832 as of 2:15 pm. It rebounded to 2,900 ahead of closing, led by oil heavyweights including PetroChina Co and Sinopec Corp.

Bank shares led the losses on investors' concerns over the possible tightening of liquidity. Six of China's commercial banks slumped more than 6 percent. The Bank of Communications, one of the country's biggest lenders, dropped 6.17 percent to 8.52 yuan. China Construction Bank, the second-largest lender, lost 4.33 percent to 5.53 yuan after posting a 4.9 percent year-on-year decline in the first-half of 2009 Monday.

Related readings:  Stocks rise, led by metal producers  Stocks rebound on healthier economic indicators  China's stocks rebound on Thursday  China's stocks plunge 4.3% on Wednesday

Non-ferrous metals posted general losses as Aluminum Corp of China Ltd (Chalco), the nation's largest producer of the metal, fell 2.89 percent to 15.13 yuan after it announced late Monday losses of 3.52 billion yuan in the first half of this year. Jiangxi Copper, the biggest copper producer, slid 5.66 percent to 37.2 yuan.

Chinese Premier Wen Jiabao at the weekend warned of uncertainties ahead despite signs of economic recovery both at home and abroad. "There are still a lot of unstable and uncertain factors ahead and the economic situation is still very grave, although both the world and the national economies are experiencing positive changes," Wen said during an inspection tour of East China's Zhejiang province.