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Chinese shares sink 0.94% on profit-taking

(Xinhua)
Updated: 2009-05-20 15:48

Chinese shares fell 0.94 percent Wednesday on profit-taking, erasing gains on Tuesday. The decline also followed an overnight drop on Wall Street.

Related readings:  Stocks soar on hopes of more stimulus  Chinese shares gain 0.9% to 9-month new high  Chinese shares edge up after rebound by coal producers

The Shanghai Composite Index fell 0.94 percent, or 25.27 points, to close at 2,651.41.

The Shenzhen Component Index went down 0.53 percent, or 55.22 points, to 10,369.14.

Combined turnover contracted to 214.60 billion yuan ($31.56 billion) from 227.97 billion yuan on the previous trading day.

New energy firms gained for much of the day on talk that the government would unveil a support plan for the sector Thursday.

Donghua Energy, the Zhangjiagang-based liquefied oil storage company, rose 6.06 percent to 8.75 yuan. Shenzhen Topray Solar, a major solar consumer products manufacturer, gained 2.62 percent to 28.57 yuan.

However, new energy stocks were dragged down by profit-taking just 15 minutes before the markets closed, dealers said.

Airlines were broadly lower as the wholesale price of jet fuel rose 460 yuan to 4,450 yuan per ton as of Tuesday led by continuously rising crude oil prices.

Air China, the country's largest carrier, fell 1.38 percent to 6.41 yuan. China Southern Airlines retreated 2.38 percent to 5.34 yuan.

The State Council (cabinet) said Tuesday that the government would increase subsidies for consumers who replaced old models of vehicles and home appliances with new ones, as part of the effort to spur domestic spending and curb pollution.

Jinbei Vehicle Manufacturing, a major light truck maker, rose by the daily limit of 10 percent to 4.09 yuan. Dongfeng Motor climbed 3.70 percent to 5.05 yuan.

Suning Appliance, a giant consumer appliance retailer, edged up 0.07 percent to 15.16 yuan.

Despite the declines, the market still had the fundamental conditions for gains as the government continued to announce new measures to boost consumption, Chengdu-based Beising Investment said in a report to clients.