Chinese share prices fell 1.98 percent on Friday morning as major oil stocks remained sluggish and investors pulled out money after a strong rebound on Thursday.
The benchmark Shanghai Composite Index, which covers both A and B shares traded on the Shanghai bourse, slipped 98.93 points to 4904.41 points by midday.
The index bounced up 199.94 points, or 4.16 percent, to 5,003.33 points on Thursday.
Analysts believed the jump gave some investors an opportunity to flee from the market amid concerns over continued measures to cool the economy.
The Shenzhen Component Index was down 177.39 points, or 1.11 percent to close at 15741.90 points at midday.
Losses outnumbered gains by 587 to 185 in Shanghai and 447 to 135 in Shenzhen.
PetroChina, China's largest oil producer which accounts for a quarter of the total weight of the benchmark index, fell 3.48 percent, while Sinopec dropped 2.66 percent.
Most banks also lost ground, with only the ICBC up 1.12 percent, but Bank of China down 0.3 percent, China Minsheng Banking Corp. down 3.08 percent, and China Construction Bank down 1.73 percent.
China Unicom dropped 0.81 percent and Baosteel slipped 1.26 percent, while China Life slid 0.23 percent.
The latest monetary policy report from the central bank warned that excessive investment growth, the burgeoning trade surplus and credit issues were the leading economic problems.
Concern about domestic tightening measures and global risks would continue to weigh on the stock market, said analysts.
Source:Xinhua
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