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Shares broke 3,000 points during trading

(Xinhua)
Updated: 2008-06-11 16:24

Chinese shares continued to move downward on Wednesday, with the benchmark index slumping below 3,000 points in morning session before slightly rebounding to close 1.57 percent lower.

An investor watches the stock price monitor at a security firm in Dalian, Liaoning province on June 11, 2008.[Asianewsphoto]

The benchmark Shanghai Composite Index, which covers A and B shares, shed 48.09 points to 3,024.24 on Wednesday.

It plunged to 2,992 points around 10:20 am, shortly after the release of a higher producer price index (PPI) for China's industrial products that worsened investors' worries about further money tightening measures.

The PPI, which gauges the value of finished products when they leave the factory, rose 8.2 percent in May over the same month last year, 0.1 percentage point higher than April's 8.1 percent, the National Bureau of Statistics said Wednesday.

The Shenzhen Component Index fell 2.86 percent on Wednesday, or 307.82 points, to 10,458.08 points.

Combined turnover on the two bourses totaled 80.56 billion yuan ($11.5 billion). The weakness followed Chinese shares' biggest single-day plunge in more than one year Tuesday, when the Shanghai Composite Index dived 7.73 percent to end at 3,072.33 points.

Investors were nervous after the country's central bank on Saturday ordered lenders to set aside more money for reserve, the fifth such move this year.

The reserve requirement ratio would be raised by 0.5 percentage point on June 15, and another 0.5 percentage point on June 25, which would bring the ratio to a record high of 17.5 percent.