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Chinese equities down 1.64% on profit taking

(Xinhua)
Updated: 2009-07-21 21:19

BEIJING: Chinese equities slipped Tuesday after hitting a 13-month high Monday, posting the biggest one-day decline since June 12.

The benchmark Shanghai Composite Index dropped 1.64 percent, or 18.93 points, to 3,213.21. The Shenzhen Component Index went down 1.52 percent, or 204 points, to 13,177.21.

Related readings:  Chinese equities gain 1.37%, led by car and steel makers  More banks seek access to equities market in China  Chinese equities down 0.28% on Wed  Chinese equities slip 0.16%, dragged by heavyweight losses  Chinese equities down 0.62% led by banking shares

Combined turnover shrank to 345.91 billion yuan (US$50.64 billion) from 350.57 billion yuan on Monday.

Losers outnumbered gainers by 709 to 161 in Shanghai and 619 to 129 in Shenzhen.

Automobile stocks led the losers with six companies falling by more than 5 percent, including Shenzhen Tellus Holding Co., Ltd., which closed at 9.97 yuan, Tianjin FAW XIALI Automobile Co., Ltd. (9.1 yuan), and Anhui Quanchai Engine Co., Ltd. (7 yuan).

Steel stocks dropped 3.09 percent with more than 80 percent of steel-related companies posting falls. Shandong Jinling Mining Co., Ltd. fell 6.68 percent to 21.93 yuan. Guangzhou Iron and Steel Co., Ltd. lost 6.08 percent to 6.8 yuan.

Liquor companies performed well as five companies added more than 4 percent, and Anhui Gujing Distillery Co., Ltd. rose by the daily limit of 10 percent to close at 25.12 yuan.

Brokerages advanced 1.38 percent on a speculation that a faster pace of IPO share sales would boost stock trading and fuel earnings. Northeast Securities Co., Ltd. rose 4.04 percent to 45.3 yuan. Guoyuan Securities Co., Ltd. gained 2.35 percent to 25.67 yuan.

Shares fell on profit-taking after the market gained 78 percent this year to hit 3,279.59 in Tuesday's morning trade session, said dealers.

The China Securities Regulatory Commission (CSRC) said Monday it would begin accepting listing applications for the Growth Enterprise Market on July 26, which will stretch liquidity.