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Chinese shares down 2.36 pct amid worries of further tightening measures |
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17:23, July 16, 2007 |
China''s share prices dropped for the second consecutive trading session on Monday with the benchmark Shanghai Composite Index down 2.36 percent and banks and blue chips leading the fall.
Analysts said the losses came amid speculation that the government would introduce further cooling measures after it announces the economic data of the first half of 2007 later this week.
China''s consumer inflation in June was expected to exceed four percent, the highest in 32 months and much higher than the target of three percent set by the government for the year, the China Securities Journal reported on Monday.
The key Shanghai index, which covers both A and B shares listed on the Shanghai Stock Exchange, lose 92.48 points to finish at 3,821.92 points. The index traded between 3,931.87 and 3,820.57 points.
The Shenzhen Component Index on China''s smaller Shenzhen Stock Exchange fell 3.79 percent, or 485.23 points, to 12,331.19 points.
The Hushen 300 Index reflecting the performance of China''s two stock exchanges closed at 3,697.97 points, down 3.2 percent, or 122.16 points, from the previous close.
Only 246 shares of the more than 1,400 listed firms on the two bourses reported gains.
The worries dampened investor enthusiasm and lowered the turnover of China''s two equity markets.
Meanwhile, the four upcoming initial public offerings, including the Bank of Nanjing and Bank of Ningbo, locked more than two trillion yuan (264.3 billion U.S. dollars) in capital, contributing to the lower turnover.
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