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Chinese shares end lower on Monday

(Xinhua)
Updated: 2009-07-13 16:14

Chinese equities ended trading on Monday with the benchmark Shanghai Composite Index on the Shanghai bourse down 1.07 percent.

The Shanghai Composite Index closed at 3,080.56 points, down 33.38 points. The Shenzhen Component Index closed at 12,660.55 points, down 45.46 points, or 0.36 percent.

Total turnover shrank to 268.78 billion yuan ($39.35 billion) from 277.26 billion yuan on the previous trading day.

Gainers outnumbered losers by 527 to 324 in Shanghai and 480 to 255 in Shenzhen.

Shares opened in Shanghai at 3,098.96. The indices continued to decline led by financial, brokers, coal and nonferrous metal shares.

Banking shares dropped 2.36 percent as worries on soaring credit increased. China CITIC Bank fell 3.18 percent to 6.09 yuan and China Merchants Bank retreated 2.67 percent to 17.86 yuan.

Securities firms shares declined by 2.92 percent, pulling down the market, with Northeast Securities down 4.47 percent to 40.83 yuan, and Zhongxin Securities down 3.64 percent to 31.48 yuan.

Related readings:  Chinese shares open lightly lower  China Construction set for mega float soon  Airlines to merge; trading to resume  Jiaxin sells 80m shares in Hainan Airlines

Coal and oil shares fell 2.59 percent led by Panjiang shares, a Guizhou-based refined coal company, down 5.52 percent to 30.1 yuan.

China State Construction Engineering Corporation (CSCEC), the country's largest home builder, has obtained regulator approval and started initial public offering (IPO) in Shanghai stock market Monday.

The company plans to raise a total of 42.6 billion yuan from this IPO, the largest one in the A shares market since 2008, and will bring liquidity pressure to the market, dealers said.

China Eastern Airlines, the country's third-largest carrier, and Shanghai Airlines rose by the daily limit of 10 percent to end at 5.6 yuan and 6.22 yuan, respectively, after the two companies resumed trading Monday after a suspension starting June 5.

The two air companies announced a merger plan Sunday. Shanghai Airlines will exchange one of its A shares for 1.3 shares of China Eastern after the former's shareholders are given a 25 percent risk premium, the latter said in a statement filed to the Shanghai Stock Exchange.