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Shares close 0.05% down with record weekly loss in 11 weeks

(Xinhua)
Updated: 2008-12-26 16:14

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 ($8.35 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.

Though there was a constant stream of bullish news such as that the State assets watchdog had required 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 on Nov 7.

Indices of oil refiners and property developers dropped 3 percent and 2 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 State Council's moves to reform the fertilizer industry, fertilizer 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.