Chinese stocks close lower on weak sentiments
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Xinhua, December 9, 2011
Chinese stocks closed lower on Friday, as investors worried that the economy would further slow despite economic data released in the morning showing an ease in inflationary pressures.
The benchmark Shanghai Composite Index dropped 0.62 percent, or 14.55 points, to close at 2,315.27.
The Shenzhen Component Index lost 1.05 percent, or 100.25 points, to close at 9,480.27.
Combined turnover shrank to 78.14 billion yuan (12.33 billion U.S. dollars) from 97.56 billion yuan on the previous trading day.
Losers outnumbered gainers by 714 to 188 in Shanghai, and 1,034 to 297 in Shenzhen.
The consumer price index, a main gauge of inflation, rose 4.2 percent year-on-year in November, further weakening from 5.5 percent in October due to falling food prices, the National Bureau of Statistics (NBS) said on Friday.
Analysts said that a series of indicators, such as the Purchasing Managers' Index, released earlier this month have raised worries over slower growth in the world's second-largest economy this year despite easing inflationary pressures.
The brewing sector led the fall. Chongqing Brewery Co., Ltd. sank by the 10-percent daily limit to close at 65.66 yuan per share, while Zhejiang Guyuelongshan Shaoxing Wine Co., Ltd. lost 4.59 percent to 11.64 yuan.
Shares of steelmakers fell 1.16 percent across the board. Inner Mongolia Baotou Steel Union Co., Ltd. moved down 2.92 percent to finish at 4.32 yuan, and Hebei Iron and Steel Co., Ltd. dropped 3.88 percent to 3.22 yuan.
The banking and insurance sectors also fell, with China Life Insurance Company Ltd., the country's largest life insurer, shedding 0.44 percent to close at 17.90 yuan, and Huaxia Bank Co., Ltd. losing 1.71 percent to 10.93 yuan.
Bucking the trend, environmental protection and property industries posted gains. Shanghai Safbon Water Service Co., Ltd. jumped 6.1 percent to finish at 28.71 yuan.
Meanwhile, China Vanke, the country's largest real estate developer, rose 0.67 percent to close at 7.54 yuan. Poly Real Estate, the country's second largest developer, moved up 1.71 percent to 10.12 yuan.
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