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People's Daily Online>>China Business

Heavyweights drag stock market down

(Xinhua)

16:38, March 06, 2012

BEIJING, March 6 (Xinhua) -- Chinese shares closed lower for a second consecutive day on Tuesday, dragged down by cement producers and insurance companies.

The benchmark Shanghai Composite Index fell 34.55 points, or 1.41 percent, to close at 2,410.45, marking the biggest loss in a month and paring this year's overall gains to 9.6 percent.

The Shenzhen Component Index dropped 132.63 points, or 1.3 percent, to end at 10,093.81.

Combined turnover on the two bourses fell to 192.3 billion yuan (30.52 billion U.S. dollars) from 206.65 billion yuan the previous trading day.

Losers outnumbered gainers by 723 to 198 in Shanghai and by 1,039 to 360 in Shenzhen.

Heavyweights dropped on concerns of an economic slowdown after Premier Wen Jiabao cut the economic growth target for 2012 to 7.5 percent, down from 8 percent last year.

Cement producers led the declines, with the entire board dropping more than 3 percent.

Anhui Conch Cement Co., the country's biggest cement maker, fell 4.39 percent to finish at 17.19 yuan per share. Gansu Qilianshan Cement Group Co. dropped 6.32 percent to close at 11.27 yuan per share.

Insurance companies were broadly lower on Tuesday, with China Life Insurance Co. closing at 17.69 yuan per share, down 3.49 percent. China Pacific Insurance Co. slid 2.46 percent to finish at 20.24 yuan per share.

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