Chinese shares slide for 3rd day

20:33, December 24, 2010      

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Chinese stocks fell for a third day Friday with the farm produce sector leading the decline after China's top economic planner ordered strict monitoring of agriculture commodity prices.

The benchmark Shanghai Composite Index dropped 0.7 percent, or 20.06 points, to close at 2,835.16 points.

The Shenzhen Component Index lost 0.69 percent, or 87.73 points, to end at 12,556.85 points.

Combined turnover shrank to 185.28 billion yuan (27.7 billion U.S. dollars), from 209.64 billion yuan the previous trading day.

Losers outnumbered gainers 681 to 180 in Shanghai and 931 to 192 in Shenzhen.

The National Development and Reform Commission ordered Friday price surveillance authorities to keep prices of agricultural products stable over the coming New Year and Spring Festival holidays.

Winall Hi-tech Seed Co. Ltd. slumped 8.24 percent to 65.6 yuan. Starway Bio-technology Co. Ltd. slid 7.85 percent to 58.79 yuan.

Logistics companies also fell. Jiangsu Dagang Co. Ltd. dropped by the daily limit of 10 percent to 12.06 yuan. Xinjiang Guotong Pipeline Co. Ltd. lost nearly 10 percent to close at 30.28 yuan.

Auto parts makers retreated as prospects of new energy cars were unclear. Changchun Yidong Clutch Co. Ltd. slid 5.93 percent to 14.11 yuan. Zhejiang Asia-Pacific Mechanical and Electronic Co. Ltd. fell 5 percent to 23.76 yuan.

Bucking the trend, banks gained after three large state-owned commercial banks -- Bank of China, China Construction Bank and Industrial and Commercial Bank of China -- finished dual rights issue that replenished capital bases.

China Everbright Bank Company Limited rose 4.37 percent to 4.06 yuan.

Source: Xinhua
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