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Chinese shares down 2.94% on profit taking

(Xinhua)
Updated: 2009-04-22 15:39

Chinese shares fell 2.94 percent on Wednesday on profit taking, said market dealers.

The benchmark Shanghai Composite Index fell 2.94 percent to close at 2,461.35 points. The Shenzhen Component Index dropped 4.06 percent to 9.249.08 points.

Losses outnumbered gains by 736 to 77 in Shanghai and 616 to 60 in Shenzhen.

Combined turnover was 271.18 billion yuan ($39.68 billion), compared with the previous trading day's 243.76 billion yuan.

Related readings:  Stocks slip 0.85% on fresh crisis concerns  Hong Kong stocks close 2.95% lower  Chinese shares slip 0.85% on financials, resources Hong Kong stocks plunge 3.72% at midday

Shares opened 0.48 percent higher in the morning, and ended the morning session 0.28 percent higher, boosted by financial shares, echoing the overnight rally on the Wall Street market.

However, the index began to lose ground after the opening of the afternoon session, dragged down by heavyweight drops.

Chen Zili, an analyst with Hunan-based Jinzheng Investment and Consultant company, told Xinhua the declining index was prompted by profit taking from investors.

None-ferrous metal, securities, coal, computer and new energy shares led the drop.

Coal and metal producer Shenhuo Group dropped by the daily limit of 10 percent to 24.92 yuan, Hengyuan Coal Electricity company slide 8.78 percent to 18.07 yuan, while Xishan Coal Electricity Group Co Ltd shed 7.16 percent to close at 20.10 yuan.

Bank shares also declined. The Bank of Communications lost 3.83 percent to 6.25 yuan, while Minsheng Banking Corp slide 3.85 percent to close at 5.65 yuan.