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Chinese stocks sink to six-week low

(China Daily)
Updated: 2008-12-25 08:00

Chinese stocks dropped 1.76 percent yesterday to a six-week closing low on thin turnover, weighed down by upcoming expiries of lock-up periods for shares and concerns over weak earnings in the fourth quarter.

Related readings:  Surge of bank shares lifts Chinese stocks  Chinese stocks down 2.5% upon profit-taking  Chinese stocks up 1.75% led by heavyweights  Chinese stocks soar 9.5% on support moves

The Shanghai Composite Index closed at 1,863.800 points, extending a 4.55 percent loss on Tuesday following disappointment over the central bank's small rate cut.

Losing Shanghai A shares outnumbered gainers by 722 to 198.

Turnover in Shanghai A shares shrank to the week's low of 48.2 billion yuan from Tuesday's 66.8 billion yuan.

Haitong Securities sank 6.72 percent to 7.22 yuan after tumbling 7.97 percent on Tuesday. It said its 2.07 billion lock-up shares would become freely tradable on Dec 29.

"The turnover is tiny because investors are pulling out of the market ahead of the holiday season. No one is interested in buying much amid expiries in the lock-up periods for shares," said Li Shiming, analyst at Xiangcai Securities.

The Chinese stock market will close from Jan 1 for the New Year holiday and will reopen on Jan 5.

The index dropped below its 60-day moving average on Tuesday, a chart line that analysts said had provided solid support in recent weeks.

"The tumble on Tuesday dampened sentiment, with worries from lock-up shares adding to concerns about the slowdown in corporate earnings in the fourth quarter. Some firms have already warned about losses," said Chen Huiqin, analyst at Huatai Securities.

But she added there was no need to be excessively gloomy about the market as the government was likely to adopt more stimulus measures in early January to boost domestic demand.

Bank shares weakened, hurt by the bleak economic outlook as consumer spending shrinks and demand for Chinese products abroad weakens further amid a global economic recession.

Hong Kong shares down

Hong Kong stocks fell for a fourth day, the longest losing streak in a month, as collapsing US housing prices fueled concern the world's largest economy is falling deeper into recession.

The Hang Seng Index lost 36.65, or 0.3 percent, to close at 14,184.14 in a shortened day ahead of Christmas. The market is due to reopen on Dec. 29. Shares worth HK$18.4 billion ($2.4 billion) traded today, the lowest since Dec 27, 2006.

The Hang Seng China Enterprises Index, which tracks mainland companies' H shares, declined 0.5 percent to 7,685.17.