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Chinese share prices slide on concern over cooling measures
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17:19, November 28, 2007

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Chinese share prices fell 1.19 percent on Wednesday as major oil and banking stocks remained weak amid concerns over continued measures to cool the economy.

The benchmark index opened higher but then declined as blue-chip shares weakened, extending losses of recent days that have taken the market to new three-month lows.

The latest monetary policy report from the central bank warned that excessive investment growth, the burgeoning trade surplus and credit issues were the leading economic problems.

Concern about domestic tightening measures and global risks would continue to weigh on the stock market, said analysts.

The benchmark Shanghai Composite Index, which covers both A and B shares traded on the Shanghai bourse, slipped 57.72 points to 4,803.39 points.

The Shenzhen Component Index was down 321.85 points, or 2.05 percent to close at 15,359.16 points.

Losses outnumbered gains by 391 to 370 in Shanghai and 377 to 199 in Shenzhen.

PetroChina, which accounts for a quarter of the total weight of the benchmark index, fell 1.23 percent, while Sinopec dropped 3.97percent.

Major banks also lost ground, with the ICBC down 2.2 percent, Bank of China down 3.83 percent, China Minsheng Banking Corp. down2.76 percent and China Construction Bank down 1.5 percent.

China Unicom dropped 3.33 percent and Bao steel slipped 2.66 percent, while China Life slid 1.14 percent.


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