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Share prices close sharply lower, 01/25

(Xinhua)
Updated: 2007-01-26 11:40

Triggered by the slump of market heavyweights, the benchmark Shanghai Composite Index was down 117.38 points, or 3.96 percent to close at 2,857.36 points on Thursday.

The Component Stock Index on the smaller Shenzhen Stock Exchange lost 4.22 percent to close at 8,013.25 points. Total turnover on the two bourses reached 140.86 billion yuan (US$18.11 billion).

The Hushen 300 Index reflecting the whole fluctuation of China's Shanghai and Shenzhen stock exchanges dropped 83.60 points to 2,452.83 points.

Triggered by the slump of market heavyweights, only 191 of the 1,400 listed companies on the two bourses reported gains.

Bank of China and Industrial and Commercial Bank of China fell by 4.96 and 4.52 percent, respectively. Stock of China Life dropped 6.97 percent to 40.84 yuan (US$5.25).

Stocks in sectors such as steel, auto, machinery and petrochemical all reported heavy losses.

Share of the Baosteel Co Ltd was down 5.85 percent to 9.49 yuan, while the stock of the China Petroleum and Chemical Corporation, more well-known as Sinopec, tumbled 4.21 percent to 10.00 yuan.

The Bohai Investment warns investors to watch out the bumbles on the two stock markets.

Securities analysts said the market slump came after more traders locked in profits from the market's rally and the signal by the China Banking Regulatory Commission warning commercial banks of excessive capital flow into the market.