Chinese shares remained weak on Tuesday as the benchmark Shanghai Composite Index closed at 3,375.41 points with a slight rise of 10.86 points, or 0.32 percent.
Analysts believed the lackluster trade was partly a result of the downward adjustment of the heavyweight Sinopec and telecom stocks.
Sinopec, China's largest oil refiner, slumped 4.45 percent to close at 12.24 yuan per share. The company said it received 7.1 billion yuan (1 billion U.S. dollars) in government subsidies in April, but that could not even make up half of its losses last year.
Telecom stocks dropped on Tuesday due to profit-taking following two days of rises driven by news of an industry reshuffle. Datang Mobile closed flat after two days rising at 5 percent.
Other heavyweights also remained weak.
Major banking stocks closed with slight drop or rise on Tuesday. China Construction Bank was up 0.28 percent and the Industrial and Commercial Bank of China was 0.17 percent lower.
On Tuesday, the Shenzhen Component Index on the Shenzhen Stock Exchange market closed at 11,998.37 points, up 108.2 points, or 0.91 percent.
The combined turnover shrank to 83.78 billion yuan (12.1 billion U.S. dollars) from previous day's 104.5 billion yuan, downs harply from 150 billion yuan on May 19, indicating weak sentiment in the market.
The China Securities Regulatory Commission ratified a new securities fund on Monday, which could once have been interpreted as a signal from the government to push the market. However, analysts said the action would struggle to drive up the index as many new funds issued earlier this year failed to sell well.
The Hushen 300 Index reflecting the performance of both the Shanghai and Shenzhen stock exchanges closed at 3,576.2 points on Tuesday, gaining 16.98 points, from the previous close.
Gains outnumbered losses by 553 to 284 in Shanghai and 444 to 211 in Shenzhen.
Source:Xinhua
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