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Profit-taking, slump fears drive Chinese shares down 6.3%

(Xinhua)
Updated: 2008-11-18 17:42

Chinese shares sank 6.31 percent to close at 1,902 points on Tuesday, posting broad declines amid rising turnover in reaction to falls on other global equities markets.

The Shenzhen Component Index had an even worse day, losing 7.22 percent to close at 6,293 points.

Combined turnover rose to 145 billion yuan ($20.7 billion) from the previous day's 131.88 billion yuan.

Losses outnumbered gains by 819 to 53 in Shanghai and 688 to 47 in Shenzhen.

The Shanghai index opened slightly lower, then rallied briefly above 2,000 points in the morning session before an afternoon of profit-taking.

Almost all sectors fell, with more than 700 stocks down by the daily limit of 10 percent.

Coal companies and banks led the decline. The nation's largest coal producer, China Shenhua, plummeted 9.16 percent to 18.35 yuan.

China Merchants Bank sank 9.97 percent to 13 yuan and Industrial Bank tumbled 9.82 percent to 14.51 yuan.

One of the smaller losses among banks was posted by China Construction Bank, which fell 5.71 percent to 4.29 yuan. Bank of America has confirmed its option and purchase of the bank's 19.58 billion H shares from central Huijin with a lock-up period that ends on August 29, 2011.

Global markets got the jitters over mounting fears of an extended world recession after US-based banking giant Citigroup announced 50,000 job cuts and Democrats in the US Congress proposed a $25 billion bailout for automakers.

The Dow Jones Industrial Average tumbled 2.63 percent on Monday. Hong Kong's Hang Seng index dropped 5.95 percent on Tuesday, reacting in part to HSBC's plan to cut 450 jobs in Hong Kong.