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China shares make U-turn, fall 6.5%

(Xinhua)
Updated: 2008-06-19 19:42

BEIJING - Chinese share prices sank on Thursday, giving up all of Wednesday's gains and then some, as investors sold heavily amid weak confidence.

The benchmark Shanghai Composite Index fell 6.54 percent to 2,748.87 points, a sharp turnaround from the previous session, when it snapped a 10-day losing streak to close 5.24 percent higher.

The Shenzhen Component Index fared worse, sinking 7.49 percent, or 741.58 points, to 9,161.56. It had risen 5.02 percent on Wednesday.

The Hushen 300 Index, which reflects about 60 percent of the combined market value in Shanghai and Shenzhen, closed at 2,773.08 points, down 218.20 points, or 7.29 percent.

Aggregate turnover was 92.8 billion yuan (US$ 13.2 billion), up from 71.25 billion yuan. Nearly 1,000 shares plunged by the daily limit of 10 percent on Thursday.

Construction, agricultural and petrochemical, mining, and real estate shares led the way down.

Analysts said the market was still being undermined by surging world oil prices, weakening regional economies and the government's efforts to curb liquidity and tame inflation.