Chinese stocks close down Wednesday
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E-mail Xinhua, February 1, 2012
Chinese stocks ended the slight gains made on the previous trading day and fell on Wednesday, with the benchmark Shanghai Composite Index down 1.07 percent, or 24.53 points, to close at 2,268.08.
The Shenzhen Component Index dipped 1.19 percent, or 110.26 points, to finish at 9,193.39.
Total turnover on the two bourses rose to 90.09 billion yuan (14.27 billion U.S. dollars) from 79.27 billion yuan on the previous trading day.
Losers outnumbered gainers by 721 to 188 in Shanghai and 919 to 447 in Shenzhen.
A key index for the nation's manufacturing sector released on Wednesday showed a further improvement in the sector's activity in the first month of this year. The Purchasing Managers Index (PMI) for January rose to 50.5 percent, which was the highest level since October.
However, the news only temporarily boosted trading before the markets were dragged down by recurrence of a wait-and-see mood, with non-ferrous metal and cement companies leading the decline.
Furthermore, a long-term expectation for a cut of the reserve requirement ratio for banks has not materialized, adding pressure for the market to pick up the pace and helping drive down financial shares.
The Bank of China slid 0.67 percent to 2.98 yuan per share, while the Ping An Insurance Company of China fell 2.43 percent to 37.41 yuan.
Shares of non-ferrous metals plunged after strong rallies before the week-long Spring Festival holiday. Inner Mongolia Baotao Steel Rare-earth Hi-tech Co., Ltd. fell 3.93 percent to 44.73 yuan, while Rising Nonferrous metals Share Co., Ltd. gave back 2.32 percent to end at 51.77 yuan.
Bucking the trend, winemakers continue to rise, as the recent week-long Spring Festival holiday greatly boosted sales.
Chongqing Brewery Co., Ltd. rose 6.98 percent to 24.53 yuan; Hebei Hengshui Laobaigan Liquor Co., Ltd. gained 6.34 percent to finish at 23.98 yuan.
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