Chinese shares open nearly 2 percent lower Wednesday

Chinese shares opened lower for the third consecutive day on Wednesday, mostly due to lower prices of bank shares.

The lower share prices of major Chinese commercial banks, which dropped by up to 5 percent on the Hong Kong stock market, weakened the confidence of Chinese investors on the mainland, analysts said.

The benchmark Shanghai Composite Index, a major index of Chinese shares, opened at 2005.99 points in the morning session, down 32.73 points, or 1.61 percent lower. It closed at 2038.72 points on Tuesday.

The Shanghai Composite Index tracks both yuan-denominated A shares and hard-currency B shares traded on the Shanghai Stock Exchange.

The Component Stock Index on the Shenzhen Stock Exchange opened at 5, 258.21 points, down 103.8 points, or 1.94 lower. It closed at 5,362.01 points on Tuesday.

Source: Xinhua

People's Daily Online ---