Chinese shares fall despite damage-control efforts

October 9th, 2008 - 3:04 pm ICT by IANS  

Beijing, Oct 9 (Xinhua) Chinese shares closed 0.84 percent lower Thursday, falling for the fourth consecutive day, led by insurance and banking shares.The falls reflected that investors’ confidence were still low, though the central bank had cut interests rate and reserve requirement late Wednesday, analysts said.

The benchmark Shanghai Composite Index lost 0.84 percent, or 17.64 points to end at 2,074.58 points. The Shenzhen Component Index closed at 6,758.21 points, down 166.27 points, or 2.40 percent.

Aggregate turnover shrank to 48.8 billion yuan ($7.15 billion) from previous day’s 57.5 billion yuan.

Losses outnumbered gains by 1,056 to 376, while 167 stocks were unchanged.

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