Chinese shares dive 3.19%, led by heavy weights

(Xinhua)
Updated: 2009-09-18 20:26

BEIJING: Chinese equities closed 3.19 percent down on Friday, led by heavy weights.

The benchmark Shanghai Composite Index dropped 97.59 points to finish at 2,940.83.

The Shenzhen Component Index dipped 3.98 percent, or 496.21 points, to end at 11,977.40.

Aggregate turnover shrank to 202.36 billion yuan ($29.63 billion) from 275.29 billion yuan on the previous trading day.

Losers outnumbered gainers by 795 to 95 in Shanghai and 660 to 109 in Shenzhen.

Among heavy weights, Sinopec, the country's largest oil refiner, dropped 3.15 percent to 11.98 yuan. China Shenhua Energy Co., the country's largest coal producer, dropped 3.48 percent to 33.53 yuan. The Industrial and Commercial Bank of China Ltd., China's biggest listed lender, dropped 2.15 percent to 5.00 yuan.

In blocks, non-ferrous metal took the lead of the slump. Prices of gold futures dropped on the COMEX Division of the New York Mercantile Exchange Thursday as participants booked profits amid the metal's recent strong performance. Zijin Mining Group Co., China's largest gold producer, dipped 5.03 percent to 9.63 yuan.

Steel block ranked the second in the slump. US steel Corp. asked the US Commerce Department to impose 90 percent of dumping and anti-subsidy duties on steel pipes imported from China Wednesday.

Analysts said market was also influenced as another large IPO, Metallurgical Corporation of China Ltd., will be listed in Shanghai Monday.

China's securities watchdog approved seven IPOs for the Growth Enterprises Market (GEM) Thursday, reviewed six IPOs Friday and will review the third batch on Monday.

Analysts said the Growth Enterprises Market, China's long-anticipated Nasdaq-style market, will be the investment focus in the near future.