Chinese shares dragged down by cement, banking

Date:2011-11-08     Source:limingwangxin  Text Size:

BEIJING, Nov. 7 (Xinhua) -- Chinese stocks ended gains of three-straight trading days to close lower on Monday, dragged down by cement and banking sectors.

The benchmark Shanghai Composite Index fell 0.73 percent, or 18.5 points, to close at 2,509.8.

The Shenzhen Component Index slid 107.83 points, or 1.01 percent, to finish at 10,591.66.

Combined turnover stood at 150.95 billion yuan (23.88 billion U.S. dollars), down from 193.9 billion yuan the previous trading day.

Losers outnumbered gainers 601 to 305 in Shanghai, and 859 to 456 in Shenzhen.

The cement sector led the fall, with Huaxin Cement Co., Ltd. down 3.72 percent to close at 19.15 yuan per share and Tangshan Jidong Cement Co., Ltd. losing 3.31 percent to 17.21 yuan.

Shares of the banking sector also fell, down 1.64 percent across the board. Huaxia Bank Co., Ltd. dropped 2.48 percent to 11.02 yuan, while China Minsheng Banking Corp., Ltd. moved down 2.09 percent to 6.09 yuan.

Property developers lost ground on media reports that Chinese Premier Wen Jiabao said in Saint Petersburg on Sunday that pushing down home prices is China's firm policy, the move of which will not only make property prices acceptable to residents, but also will promote the healthy and orderly development of the sector. < Gemdale Corp., the nation's third largest real estate developer, lost 3.78 percent to close at 4.83 yuan, while Xinhu Zhongbao Co., Ltd. was down 3.73 percent to 3.87 yuan.

Bucking the trend, steel makers gained on the announcement of the industry's five-year plan by the Ministry of Industry and Information Technology on Monday. The annual consumption of crude steel is expected to reach 750 million tonnes by 2015, according to the plan.

Sansteel Minguang Co., Ltd. jumped 7.27 percent to finish at 9.3 yuan, and Guangzhou Iron and Steel Co. Ltd. was up 3.48 percent to 8.02 yuan.

Gold producers also rose, with Zijin Mining Group Co., Ltd., the country's leading gold producer by output, up 1.28 percent to close at 4.76 yuan and Chenzhou Mining Group Co., Ltd. up 1.24 percent to 28.6 yuan.

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