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Chinese shares edged down 0.23% led by metals

(Xinhua)
Updated: 2009-04-03 15:47

Losses on metal shares sent Chinese equities down 0.23 percent Friday, despite rallies of world markets after the G20 summit deal to revive the global economy.

Chinese shares opened 0.86 percent higher in the morning after world leaders at the G20 summit in London agreed to pump an additional $1 trillion to support the International Monetary Fund (IMF) and promote trade.

The news also boosted major markets in the United States and Europe. However, Chinese shares failed to follow their performance.

Related readings:  G20 leaders agree on supervisory body  China shares gain 0.72% to 7-month high  Chinese equities gain 1.47%, passing 2,400 mark  Shares up 0.64% with Nasdaq-style bourse on horizon

The Shanghai Composite Index lost 5.51 points, or 0.23 percent to 2,419.78. The Shenzhen Component Index slid 56.26 points, or 0.6 percent to 9,244.66.

Losses outnumbered gains by 646 to 218 in Shanghai and by 454 to 287 in Shenzhen.

Combined turnover stood at 241.45 billion yuan ($35.3 billion), down from 258.2 billion yuan in the previous trading day.

Analysts said profit-taking on non-ferrous metals, which sustained the stock market in March, held back the market from further rising.

Yunnan Copper Co moved down 6.26 percent to close at 19.91 yuan. Anhui-based Tongling Nonferrous Metals Group Holdings Company Ltd dropped 4.77 percent to end at 13.98 yuan.

Gold shares also pulled down the market as spot gold prices fell $24.75 to $901.65 an ounce.

Zhongjin Gold Co fell 5.46 percent to close at 55.91 yuan and Shandong Gold Mining Co slid 5.7 percent to 74.93 yuan.

Banking shares rose on market talk that March would probably see new loans hit 1.3 trillion yuan, and the central bank would probably cut rates over the weekend.

China Minsheng Banking Corp jumped 7.41 percent to close at 5.65 yuan. Huaxia Bank advanced 4.46 percent to 11 yuan.

Coal shares performed well after crude oil prices climbed more than 8 percent to above $52 barrel in New York on Thursday. This led investors to believe rising oil prices would boost demand for alternative resources, analysts said.

Anhui Hengyuan Coal Industry and Electricity Power Co rose by the daily limit of 10 percent to end at 23.35 yuan. SDIC Xinji Energy Company Ltd gained 3.64 percent to 11.66 yuan.