Stocks News
- Chinese share prices fall nearly 2% as blue chips remain weak
Date: 28-Nov-2007 Sources: (Xinhua Online)
BEIJING, Nov. 27 (Xinhua) -- Chinese share prices dropped 1.97 percent on Tuesday as heavyweight oil and banking stocks remained weak.
China's benchmark index showed great volatility and failed to recover after closing at a three-month low the previous day, said analysts.
Domestic tightening measures and fear of global risks will continue to weigh on the market in the coming days, they said.
The benchmark Shanghai Composite Index, which covers both A and B shares traded on the Shanghai Stock Exchange, slipped 97.74 points to 4,861.11 points.
The Shenzhen Component Index was down 376.18 points, or 2.34 percent to close at 15,681.01 points.
Losses outnumbered gains by 569 to 294 in Shanghai and 453 to 196 in Shenzhen. About 1,000 stocks, or 68 percent of the total, dropped below their four-month averages.
PetroChina, the country's number one oil producer, which accounts for a quarter of the total weight of the benchmark index, dropped 3.58 percent, while Sinopec, the largest oil refiner, tumbled 4.35 percent
Major banks also fell, with the Industrial and Commercial Bank of China down 1.03 percent, Bank of China down 1.51 percent and China Minsheng Banking Corp. down 3.12 percent.
China Life and Citic Securities also slid, both falling more than 4 percent, and China Unicom slipped 1.79 percent.
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