Chinese shares fell amid weak confidence and very low volume on Monday, with heavyweights leading the downtrend.
The benchmark Shanghai Composite Index fell 2.52 percent, or 72.32 points, to 2,760.42. The Shenzhen Component Index went down 1.44 percent, or 134.83 points, to 9,238.86. The Hushen 300 Index, which reflects both exchanges, closed at 2,789.94, down 59.73 points, or 2.1 percent.
Combined turnover sank to 64.49 billion yuan (9.2 billion U.S. dollars) from 113.81 billion yuan on Friday.
Central bank governor Zhou Xiaochuan said over the weekend that higher energy prices might increase pressure on China's consumer price index and the government would likely reinforce its anti-inflation efforts. But he did not give any further details.
The benchmark retail prices of gasoline and diesel oil were raised on Friday to 6,980 yuan and 6,520 yuan per tonne, up more than 16 percent and 18 percent, respectively.
Analysts with Shenyin-Wanguo Securities said that in the short term, no concrete policies would be instituted to affect market performance and the mood would remain weak for some time.
Losses outnumbered gains by 620 to 208 in Shanghai and 537 to 153 in Shenzhen, and all the top 10 heavyweights lost.
China Shenhua, a major coal supplier, went down 2.31 percent to 37.21 yuan. China Ping An, a leading insurer, fell 3.34 percent to 48.68 yuan.
The Industrial and Commercial Bank of China, a leading commercial bank, lost 1.74 percent to 5.09 yuan, and China Life, a major life insurer, was down 1.64 percent to 25.12 yuan.
Source: Xinhua
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