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Chinese shares dive 5.79% on pessimistic mood

(Xinhua)
Updated: 2009-08-17 16:10

Chinese shares dived more than 5 percent on Monday amid increasing worries about shrinking liquidity and pessimistic economic forecasts.

The benchmark Shanghai Composite Index was down 5.79 percent, or 176.34 points, to close at 2,870.63. The Shenzhen Component Index dropped 6.65 percent, or 830.95 points, to finish at 11,668.8.

Combined turnover on the two bourses shrank to 214.47 billion yuan ($31.40 billion) from the previous trading day's 227.67 billion yuan.

Resources-related stocks led Monday's decline. The index for the coal companies slumped 5.97 percent as most of the coal stocks was down by more than 9 percent. The index for the nonferrous metal sector dropped 5.93 percent and the steel industry slid 4.76 percent.

Pessimistic economic forecasts brought down the resources stocks just as strong confidence in economic growth had boosted this sector in previous days, said analysts.

Related readings:  Chinese shares down 2.98% on Friday  Shares edge up led by commodities, financials   Chinese shares plunge 4.66% on Wednesday

Heavyweights slumped sharply to drag down the major indices. Sinopec and PetroChina closed down by 5.8 percent and 6.1 percent respectively. Shares of Bank of China slipped 5.05 percent to close at 3.95 yuan.

Real estate shares, which soared in previous days on rising housing prices, also dropped on Monday. The index for the sector was down 3.8 percent as Vanke, China's largest listed real estate firm, closed 9.95 percent lower to stand at 11.5 yuan.

Investors tend to be cautious and stay away from the market at present. The daily turnover on the two bourses shrank quickly from 300-billion-yuan level to 200-billion-yuan level.

The A-share market kept rising for about seven months and its rise was far ahead of the economic recovery. The newly-released loan and economic figures triggered the adjustment, said analysts.

The Shanghai Composite Index has lost 17.3 percent since it hit the 14-month high of 3,471.44.