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Chinese shares down slightly led by heavyweights

(Xinhua)
Updated: 2009-01-12 16:28

Chinese stock indices were little changed Monday as investors reacted to weak domestic corporate performances for 2008, reports of a further deterioration in China's exports and losses on other world equity markets.

The Shanghai Composite Index fell 4.51 points, or 0.24 percent, to 1,900.35. The Shenzhen Component Index ended almost flat at 6,719.91, gaining 0.03 points.

Combined turnover climbed to 94.9 billion yuan ($13.88 billion) from Friday's 87.63 billion yuan. Gains outnumbered losses by 630 to 206 in Shanghai and by 488 to 228 in Shenzhen.

As of Friday, 578 companies listed on the Shanghai and Shenzhen bourses had released estimated results for 2008, with 273 companies -- almost half -- in the red.

Also, the Wall Street Journal reported that China's exports weakened in December for a second month, reflecting the continued impact of the global credit crisis. Exports fell 2.2 percent in November.

According to the Journal, December exports fell 2.8 percent year-on-year to $111.16 billion and imports fell 21.3 percent to $72.18 billion. The Journal cited an unidentified "person familiar with the data" as its source.

Heavyweights slid, with PetroChina, the largest oil producer, declining 1.27 percent to 10.08 yuan and China Ping An, a major insurer, down 1.76 percent to 27.91 yuan.

China Eastern Airlines fell 0.89 percent to 4.44 yuan after it reported a 6.2 billion yuan unaudited loss on fuel hedging contracts in 2008.

Local shares in Shanghai rose across the board in reaction to reports of a proposal by Walt Disney Co and the Shanghai government to build a theme park in Shanghai, which would cost $3.59 billion and open as early as 2014.

Shanghai Wai Gaoqiao Free Trade Zone Development and Jianshan Development and Construction rose by the daily limit of 10 percent to close at 10.52 yuan and 6.22 yuan, respectively.

Shares of nonferrous metals producers were in the spotlight as futures prices rose. For example, March copper rose 1,340 yuan per tonne to 28,140 yuan per tonne.

Inner Mongolia Baotou Steel Rare-Earth Hi-Tech and Guangdong Dongyangguang Aluminum rose by the daily limit to 9.41 yuan and 3.95 yuan, respectively. Aluminum Corp of China, the country's top aluminum producer, gained 2.61 percent to 6.69 yuan.