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Chinese stocks fall 2.4%, banks weaken

(Xinhua)
Updated: 2009-01-08 16:04

Chinese equities were broadly lower on Thursday, with the banking and telecom sectors and heavyweights leading the downward trend.

The benchmark Shanghai Composite Index lost 45.83 points, or 2.38  percent, to 1,878.18. The Shenzhen Component Index fell 108.84 points, or 1.62 percent, to 6,616.98.

Combined turnover declined to 87.63 billion yuan ($12.81 billion) from 97.619 billion yuan the previous trading day.

Gains were dwarfed by losses: 162 to 708 in Shanghai and 157 to 594 in Shenzhen.

A report released Wednesday by Standard & Poor's predicted that in 2009, Chinese banks would likely face such challenges as declining asset quality, increasing non-performing loans and falling profits.

Also, China Construction Bank (CCB) confirmed that Bank of America planned to sell 5.62 billion CCB H-shares at a discount, and investors worried that major shareholders would offload more Chinese banking assets.

In response to the news, bank shares continued their bear run from the previous trading day and fell more than 3.5 percent on average.

CCB slid 3.88 percent to 3.72 yuan, Industrial and Commercial Bank of China lost 2.21 percent to 3.54 yuan and Bank of China fell 2 percent to 2.94 yuan.

Other heavyweights slid. PetroChina, the largest oil producer, fell 3.05 percent to 10.17 yuan. Sinopec, another leading oil producer and refiner, slid 1.52 percent to 7.14 yuan, Baosteel, a leading steel conglomerate, was down 3.15 percent to 4.92 yuan.

China Ping An, a major insurer, fell 5.12 percent to 28.34 yuan and China Life, a leading life insurer, was down 3.97 percent to 19.13 yuan.

Investors took further profits on 3G-related shares. The government began Wednesday to issue third-generation mobile phone licenses.

China Telecom lost 5.97 percent to 4.88 yuan, Zhongwei Guomai slumped 8.94 percent to 7.13 yuan, Eastern Telecom slid 8.72 percent to 3.77 yuan and Zhongchuang Xince fell by the 10-percent daily limit to 10.74 yuan.