Chinese shares keep sliding, close with big losses

December 26th, 2008 - 5:37 pm ICT by IANS  

Beijing, Dec 26 (Xinhua) Chinese equities failed to reverse the slack run of the past four trading days and ended Friday 0.05 percent lower, creating a record weekly loss of 8.27 percent in 11 weeks. The benchmark Shanghai Composite Index shed 0.05 percent to 1,851.52. The Shenzhen Component Index fell 1.19 percent to 6,704.25.

Combined turnover shrank to 57.2 billion yuan ($8.2 billion) from 64.83 billion yuan the previous day.

Losses outnumbered gains by 535 to 287 in Shanghai while gains outnumbered losses by 361 to 348 in Shenzhen.

Despite news about the state assets watchdog instructing big shareholders of centrally-administered, state-owned enterprises to increase holdings in their listed arms, many investors were still on “stand-by”, analysts said.

After the week’s fall, share prices in Shanghai hit a new record low since the country announced its 4-trillion-yuan stimulus package Nov 7.

Indices of oil refiners and property developers dropped three percent and two percent, respectively.

Asia’s biggest oil refiner Sinopec lost 0.56 percent to 7.05 yuan. Vanke, the country’s largest real estate developer, tumbled 2.54 percent to 6.53 yuan.

Boosted by the government’s moves to reform the fertilizers industry, fertilizers and pesticide sectors rose sharply. Shandong Dacheng Pesticide Co. Ltd. rose by the daily limit of 10 percent. Hunan Haili Chemical Industry Co. Ltd. was up 6.98 percent to 4.14 yuan.

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