China stocks drop on Thursday
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E-mail Xinhua, March 29, 2012
Chinese shares extended losses for a third straight trading day on Thursday, with the key Shanghai index hitting a 10-week low.
The benchmark Shanghai Composite Index dropped 1.43 percent, or 32.72 points, to end at 2,252.16 points.
The Shenzhen Component Index declined 1.18 percent, or 112.92 points, to end at 9,418.23.
Total turnover on the two bourses shrank to 129.6 billion yuan (20.59 billion U.S. dollars) from 151.9 billion yuan the previous trading day.
Most shares fell, with losers outnumbering gainers by 746 to 170 in Shanghai and by 1,162 to 235 in Shenzhen.
Data from the China Securities Depository and Clearing Corp. showed that active A-share investment accounts dropped to a five-week low of 6.83 percent last week, indicating low investor confidence.
Oil heavyweights led the drops, with the oil sub-index plunging 3.08 percent from the previous day.
PetroChina Co., the country's largest oil refiner, dived 1.62 percent to end at 9.71 yuan per share, while its rival Sinopec Corp. dropped 1.66 percent to 7.13 yuan.
Bucking the trend, major property developers posted gains after official data showed that property sales rebounded in China's first-tier cities in the first quarter, signaling a return for the sector after slackened sales last year due to government curbing policies.
China Vanke, the country's largest property developer by market value, surged 2.38 percent to 8.19 yuan. Poly Real Estate, China's second-largest developer, gained 2.37 percent to 10.8 yuan per share.
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