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Chinese shares close 0.59% lower

(Xinhua)
Updated: 2009-10-12 15:28

Chinese equities edged down 0.59 percent Monday after a near 5 percent rally on the previous trading day.

The benchmark Shanghai Composite Index fell 17.23 points, or 0.59 percent, to end at 2,894.48.

The Shenzhen Component Index lost 57.35 points, or 0.49 percent to close at 11,743.89.

Combined turnover rose to 155.64 billion yuan ($22.89 billion) from 145.52 billion yuan on the previous trading day.

Baoshan Iron & Steel, China's largest steel maker, fell 1.34 percent to 6.65 yuan. Wuhan Iron & Steel slided 1.91 percent to 7.19 yuan.

China Shenhua, the nation's biggest coal maker ended at 32.19 yuan, down 2.13 percent. Chalco, China's top aluminum producer, tumbled 3.85 percent to 13.50 yuan.

Analyst said the economic recovery was not solid enough to produce massive demand for coal and metals.

Sinopec, Asia's top refiners, shed 1.61 percent to 11.60 yuan after the shares worth 673.07 billion yuan broke up their lock-up period Monday.

Related readings:  Chinese shares gain 4.76% after National Day holidays  Shell, Shenhua to jointly research clean coal technology  Sinopec's net profit up 332.8% in H1  Huijin's rescue scheme for lenders draws to a close  Brokers upgrade ICBC on better-than-expected results

Financial shares rallied in the morning session after the nation's sovereign fund said it would increase stakes in China's three biggest banks. However, profit-taking narrowed the gains in the afternoon trading.

According to a statement issued Sunday, Central Huijin Investment Co, a unit of China Investment Corp would buy Shanghai-traded shares of the Industrial and Commercial Bank of China, China Construction Bank and Bank of China.

ICBC rose 0.40 percent to 4.96 yuan. CCB closed flat. China Merchant's Bank edged up 0.52 percent to 15.59 yuan.

Saic Motor Corp, the nation's largest carmaker, added 1.03 percent to 20.62 yuan after it reported a near 50 percent growth in sales in the first three quarters which surpassed the total of last year.