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Chinese shares sink 1.26% on overnight Wall Street losses

(Xinhua)
Updated: 2009-03-06 17:03

Chinese shares closed 1.26 percent lower Friday as overnight Wall Street losses put a damper on the domestic market, analysts said.

The benchmark Shanghai Composite Index dropped 1.26 percent, or 28.07 points to close at 2193.01. The Shenzhen Component Index was up 0.09 percent, or 7.61 points to 8259.89.

The combined turnover of the Shanghai and Shenzhen bourses shrinked to 159.88 billion yuan from 231.1 billion yuan on Thursday.

Gains led losses by 316 to 545 in Shanghai and 250 to 485 in Shenzhen.

Falling volume indicated that investors had become cautious after Wall Street sank to a 12-year low while the domestic market surged in the past two trading days, analysts said.

Electronics, fertilizers and steel sectors led the retreat, falling 1.87 percent, 1.65 percent and 1.57 percent, respectively.

Baosteel, the country's biggest steel producer, dropped 1.61 percent to 5.5 yuan. Angang Steel, the second-largest, slid 1.77 percent to 7.79 yuan.

Property shares edged up 0.55 percent, as investors detected signs of a real estate market rebound, analysts said. Vanke, the largest real estate developer by market capitalization, climbed 1.89 percent to 8.08 yuan. Poly Real Estate Group was up 0.05 percent to 20.30 yuan.