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Chinese shares close 0.7% lower

(Xinhua)
Updated: 2009-03-30 15:57

Chinese equities dropped 0.69 percent on Monday, dragged by oil and metal shares, as some industry leaders' newly released annual reports dampened investor confidence.

The Shanghai Composite Index lost 16.4 points, or 0.69 percent to 2,358.04. The Shenzhen Component Index was down by 83.73 points, or 0.93 percent to 8,910.42.

Losses outnumbered gains by 424 to 418 in Shanghai but gains outnumbered losses by 448 to 287 in Shenzhen.

Combined turnover expanded to 191.9 billion yuan ($28.15 billion) from 183.68 billion yuan on the previous trading day.

Related readings:  Guotai Fund to launch Nasdaq-linked fund  Hong Kong stocks close 0.08% higher  Chinese shares close slightly higher  Bank shares lead market fightback

Metal stocks slackened Monday as Aluminum Corporation of China Ltd (Chalco), the country's largest aluminium company firm, expected to post a loss for the first quarter of the year after it reported a 99.9 percent plunge in full-year net profit to 9.2 million yuan in 2008.

Chalco shares shed 3.76 percent to close at 10.49 yuan.

Sinopec, the country's top refiner, trimmed 1.32 percent to 8.97 yuan, as it reported Sunday a year- on- year decline of 47.3 percent in its net profit to 29.8 billion yuan last year.

PetroChina, the country's largest oil firm, lost 2.05 percent to 11.49 yuan after it reported last week its net profit for 2008 dropped by 22 percent from a year ago to 114.4 billion yuan.

The brokerage sector rose across the board and rose 3.27 percent Monday as the active market dealing in recent weeks had boosted investor confidence in brokerage companies' profitability, dealers said.

Sinolink Securities, a major domestic brokerage firm, jumped by the daily 10 percent to 34.22 yuan, as the Sichuan-based company Monday reported a 101.45 percent year-on-year net profit growth to 756 million yuan last year.