Chinese shares slide on overnight U.S. market losses

20:16, January 22, 2010      

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Chinese shares slid again Friday, dragged down by overnight losses in the U.S. market sparked by President Barack Obama's proposal of tough new restrictions on banks, ending the week 3 percent down.

The benchmark Shanghai Composite Index edged down 0.96 percent, or 30.28 points, to close at 3,128.59 points.

The Shenzhen Component Index slid 2.49 percent, or 321.22 points, to close at 12,595.94 points.

Combined turnover totaled 258.9 billion yuan (37.9 billion U.S. dollars), up from 225.6 billion yuan the previous trading day.

Losers outnumbered gainers by 722 to 162 in Shanghai and 760 to 95 in Shenzhen.

Chinese equities opened 1.27 percent lower Friday after President Obama unveiled a plan Thursday to limit the size and complexity of US banks and financial firms to avert future financial crises.

Thursday's strong economic data also triggered fears among investors that the government might act to cool the economy and curb inflation.

Figures showed China's GDP grew 8.7 percent in 2009 after it quickened to 10.7 percent in the last quarter.

Banking shares advanced for the second day from Wednesday's heavy loss, up 2.9 percent, after a rumor of a lending halt was denied Thursday by top banking regulator Liu Minkang at the Asia Financial Forum in Hong Kong.

Bank of Ningbo led the gains with a 6.38-percent rise. Industrial and Commercial Bank of China, the country's largest commercial bank, rose 1.2 percent to 5.08 yuan, while Bank of China rose 0.73 percent to 4.16 yuan.

China Railway Group Ltd., the country's largest construction company, rose 3.56 percent to 6.11 yuan after it announced profits were expected to quadruple in 2009 in a statement filed to the Shanghai Stock Exchange Friday.

Huadian Power International, listed arm of China Huadian Corp., one of the country's five leading power generation companies, dropped 1.73 percent to 5.11 yuan despite its Friday announcement about expecting a profit for 2009, compared to a loss in 2008.

While Guodian Power, listed arm of another leading power producer, edged up 0.42 percent to 7.16 yuan after it reported Friday profits had risen eight-fold last year.

Source: Xinhua
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