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Chinese shares dip almost 3% on Friday

(Xinhua)
Updated: 2009-08-28 16:58

China's equities dropped nearly 3 percent Friday as heavyweights weakened, to conclude a fourth weekly decline.

The benchmark Shanghai Composite Index fell 2.91 percent, or 85.71 points to finish at 2,860.69, down more than 16 percent this month. The Shenzhen Component Index lost 3.76 percent, or 447.66 points, to end at 11,450.08.

The Shanghai index was lower for a second day after the government said Wednesday it would move to address overcapacity in various sectors including steel and cement.

Media reports saying new loans this month would plunge below 300 billion yuan ($43.92 billion) also weighed on investor confidence with concerns over tightened liquidity.

Combined turnover shrank to 207.38 billion yuan from 231.60 billion yuan on the previous trading day.

Losers outnumbered gainers by 745 to 117 in Shanghai and 634 to 110 in Shenzhen.

The top 20 heavyweights on the Shanghai bourse all dipped lower Friday, The biggest losses, of more than 5 percent, were reported with Sinopec and Fujian-based Industrial Bank.

Steel producers fell across the board with one exception, the whole sector down by an average 4.48 percent. China Baosteel, the country's biggest steel maker, lost 3.77 percent to 6.9 yuan a share. Liaoning-based Lingyuan Iron & Steel plunged 9.86 percent to 10.24 yuan.

Coal producers also fell on concerns that the government's move to curb overcapacity may slow economic growth, with the sector losing an average 4.53 percent.

China Shenhua, the nation's largest coal producer, plummeted 4.54 percent to 30.9 yuan per share.

Financial stocks and real estate shares also fell. Shanghai Pudong Development Bank retreated 5.75 percent to 19 yuan per share, and China Pacific Insurance lost 5.36 percent to 19.61 yuan.

Related readings:  Chinese equities rise 1.78% on gains in heavyweights' H1 profits  Chinese equities fall 2.59%, led by banks, metals heavyweights  Chinese equities rise 1.1% on Monday

More than 80 percent of the real estate developers reported losses in trading. China Vanke, the country's largest listed real estate developer, fell 4.39 percent to 10.23 yuan.

Investors remain cautious as they are unclear about future trends in the market, said a report by InvestToday, a Shenzhen-based financial information provider.