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China stocks decline to end the week lower

(Xinhua)
Updated: 2009-08-07 15:59

China's stocks continued to fall for the third day in a row on Friday, ending the week lower, dragged down by metal producers.

The benchmark Shanghai Composite Index lost 2.85 percent, or 95.64 points, to finish at 3,260.69.

The Shenzhen Component Index fell 3.86 percent, or 520.71 points, to end at 12,975.26.

Combined turnover shrank to 279.04 billion yuan ($40.84 billion) from 329.2 billion yuan during the previous trading day.

Losers outnumbered gainers by 757 to 104 in Shanghai and 667 to 88 in Shenzhen.

Shares of metal producers fell the most, denting the index on lower metal prices. Prices of metals including copper, zinc and aluminium at the Shanghai Futures Exchange fell more than 2 percent.

Aluminum Corp of China lost 7.56 percent to 17.48 yuan. Yunnan Copper shed 6.92 percent to 32.30 yuan. Jiaozuo Wanfang Aluminum Manufacturing Co fell 9.98 percent to 22.36 yuan.

Property shares dropped on reports that Shenzhen, a special economic zone in the southern Guangdong province, might intend to levy a property tax next year as a pilot city.

RiseSun Real Estate Development Co lost 8.26 percent to 16.88 yuan. Beijing Capital Development Co fell 6.63 percent to 22.97 yuan. China Vanke, the country's largest property developer, slid 4.06 percent to 12.75 yuan.

Medical shares continued to perform well and bucked the trend today. Zhangzhou Pientzehuang Pharmaceutical Co rose 4.18 percent to 29.93 yuan. Unisplendour Guhan Group Corp gained 3.80 percent to 8.20 yuan.