Chinese shares finish lower on weak regional markets

16:55, May 06, 2011      

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Chinese shares closed lower Friday, tracking weak regional markets and overnight losses on Wall Street.

The benchmark Shanghai Composite Index dropped 8.52 points, or 0.3 percent, to 2,863.89. The Shenzhen Component Index inched down 0.15 percent, or 18.38 points, to finish at 12,067.61.

Combined turnover rose to 174.8 billion yuan (26.89 billion U.S. dollars) from 158.41 billion yuan on the previous trading day.

Gainers outnumbered losers by 523 to 342 in Shanghai and 781 to 388 in Shenzhen.

Banking shares fell across the board with the Industrial and Commercial Bank of China, the country's largest lender, falling 0.44 percent to 4.58 yuan. Shares of China Minsheng Banking Co. fell 2.82 percent to 5.86 yuan.

Coal miners and metal companies led declines on the back of a retreat in global commodity prices.

China Shenhua, the nation's largest listed coal supplier, slid 1.57 percent, or 0.44 yuan, to close at 27.59 yuan. Shares of Shandong Gold Mining Co. tumbled 3.35 percent to 45.55 yuan.

Shares of rare earth producers climbed, however, led by Inner Mongolia Baotou Steel Rare-earth Hi-tech Co. (IMBREHT), China's largest rare earth producer by output. IMBREHT shares surged 7.86 percent to 89.44 yuan after media reports said the Inner Mongolia Autonomous Region planned to consolidate the region's rare earth industry.

The Hang Seng Index fell 0.44 percent, or 102.47 points, to 23,159.14 points on Friday. Japan's benchmark 225-issue Nikkei Stock Average dropped 1.45 percent, or 145 points, to 9,859.2 points.

Overnight, U.S. stocks fell on weak economic data and a plunge in commodities prices.

The Dow Jones industrial average lost 139.41 points, or 1.10 percent, to 12,584.17. The Standard & Poor's 500 was down 12.22 points, or 0.91 percent, to 1,335.10. The Nasdaq Composite Index fell 13.51 points, or 0.48 percent, to 2,814.72.

Source: Xinhua
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