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Stocks down after straight rise for days, 04/13

(Xinhua)
Updated: 2007-04-16 10:40

After a record breaking week, the Shanghai Composite Index lost some momentum Friday losing 12.76 points to settle at 3,518.27, down 0.36 percent from the previous close.

Meanwhile, the Shenzhen Component Index rose 55.14 points or 0.55 percent to reach 10,019.92 points.

"Investors are taking profits after nine straight days of gains," said Zhang Li, a dealer with Galaxy Securities.

The total turnover of the two markets set a record high of 260.9 billion yuan (about 33.80 billion US dollars) Friday.

Financial stocks and steelmakers declined while wine and liquor companies remained strong.

Huaxia Bank was down 0.39 yuan and CITIC Securities lost 1.46 yuan or 2.90 percent, while Bengang Steel Plates fell by 0.65 yuan or 5.41 percent and Jinan Iron Steel slipped by 0.81 yuan or 5.17.

Yantai Changyu Pioneer Wine rose by the allowable daily limit of 10 to reach 61.27 yuan, while Wuliangye Yibin rose 3.47 yuan or 9.93 percent to close at 38.43 yuan.

Fresh funds continue to drive stocks despite repeated cautions from some analysts about the risk of a possible significant correction.