Markets

Chinese shares close lower on Wednesday

(Xinhua)
Updated: 2011-01-05 16:06

BEIJING - Chinese stocks reversed Tuesday's gains to close lower on Wednesday with non-ferrous metals dropping after international gold futures fell sharply.

The benchmark Shanghai Composite Index dropped 0.49 percent, or 14.06 points, to close at 2,838.59 points.

The Shenzhen Component Index lost 0.53 percent, or 66.89 points, to close at 12,647.63 points.

Combined turnover shrunk to 243.02 billion yuan ($36.82 billion), from 260.67 billion yuan the previous trading day.

Gainers outnumbered losers 442 to 420 in Shanghai and losers outnumbered gainers 602 to 519 in Shenzhen.

International gold futures fell 3.1 percent to $1,378.8 per ounce on Wednesday, the biggest decline since July, as investors became more confident about the global economic recovery.

Affected by the news, non-ferrous metals, particularly gold miners, fell sharply on Wednesday.

Zijin Mining Group Co, China's biggest gold miner, retreated 2.87 percent to 8.11 yuan per share.

Shandong Gold Mining Co fell 4.42 percent to 50.66 yuan per share.

China Oilfield Services Ltd led oil refiners' decline after crude futures for delivery in February traded at $89.38 a barrel on Wednesday, down 2.4 percent, on the New York Mercantile Exchange.

The refiner's shares fell 4.04 percent to 24.73 yuan, while PetroChina Co dropped 1.32 percent to 11.24 yuan.