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Money

Chinese shares close 0.28% lower - Thur

(Xinhua)
Updated: 2010-02-04 16:35

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BEIJING: Chinese equities closed slightly lower Thursday as heavyweights weakened in the afternoon trade.

The benchmark Shanghai Composite Index went down 0.28 percent, or 8.53 points, to close at 2,995.31 points.

The Shenzhen Component Index dropped 0.76 percent, or 93.09 points, to close at 12,169.48 points.

Combined turnover grew to 199.5 billion yuan ($28.62 billion), from 198.71 billion yuan on the previous trading day.

Gainers outnumbered losers by 557 to 303 in Shanghai and 522 to 328 in Shenzhen.

Sinopec, Asia's largest refiner, went down 1.32 percent to 11.19 yuan, while Petro China, the country's biggest oil producer, fell 1 percent to 12.91 yuan.

Banks fell on profit-taking after the sector boosted on Wednesday over market rumor that the investment arm of China's sovereign wealth fund would increase its holdings in the country's three biggest banks.

The Industrial and Commercial Bank of China (ICBC), China's biggest commercial lender, dropped 0.81 percent to 4.88 yuan.

Medical shares went up 1.18 percent as the State Council announced late Wednesday that China has decided to start the public hospital reform with pilot programs in selected cities or districts.

Tibet Rhodiola Pharmaceutical Holding Company, Beihai Gofar Marine Biological Industry Co, Ltd, and Jilin Zixin Pharmaceutical Industrial Co, Ltd rose to the daily limit of 10 percent to 16.67 yuan, 7.57 yuan and 25.27 yuan, respectively.

Poly Real Estate Group Co, Ltd, China's second largest developer by market value, declined 0.15 percent to 19.86 yuan despite that the company reported a strong upsurge in net profit last year.

The company said late Wednesday that its 2009 net profit jumped 57.19 percent from a year ago to 3.519 billion yuan, attributing the upbeat to strong market demand and China's relatively loose monetary policy.