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Chinese shares down 1.24% led by heavyweights

(Xinhua)
Updated: 2009-08-05 15:51

Chinese equities ended consecutive four rising days to drop 1.24 percent on Wednesday, led by weakening heavyweights.

The benchmark Shanghai Composite Index down 1.24 percent, or 42.94 points, to finish at 3,428.50. The Shenzhen Component Index slide 0.87 percent, or 121.61 points, to end at 13,782.94.

Combined turnover shrank to 361.18 billion yuan ($52.85 billion) from 380.71 billion yuan on the previous trading day.

Gainers outnumbered losers by 425 to 385 in Shanghai and 389 to 307 in Shenzhen.

Related readings:  Chinese shares rise led by metal and electricity producers  Chinese shares rise on moderately loose monetary policy promise Chinese shares open lower on massive IPO   Shares soar, Sichuan Expressway sizzles

The country's shares opened slightly lower with the Shanghai index down 0.13 percent to open at 3,467.05. The Shenzhen index shed 0.06 percent to 13,895.69 at the opening.

The indices continued to slide after opening by broad profit-taking activities in oil, coal and real estate shares, said market dealers.

PetroChina, which accounted for one quarter of the market value, dropped 2.19 percent to close at 15.66 yuan, while Sinopec, Asian biggest oil refiner, down 4.67 percent to 14.70 yuan.

Most coal shares dropped. Datong Coal mine shed 5.45 percent to close at 47.79 yuan, Coal producer Shenhuo Group shares drop 4.83 percent to 31.12 yuan.