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Equities snap winning run as miners sink

(China Daily/Agencies)
Updated: 2009-10-22 08:51

Chinese stocks fell for the first time in three days as a decline by commodity producers and automakers on concern recent gains were excessive overshadowed advances by brokerages.

The Shanghai Composite Index lost 13.87, or 0.5 percent, to close at 3,070.59 after swinging between gains and losses at least 10 times. The benchmark measure has rallied 10 percent since China's markets reopened Oct 9 following an eight-day national holiday. The CSI 300 Index fell 0.3 percent to 3,369.28.

"The market should consolidate at these levels after rebounding after the break," Michelle Qi, Shanghai-based portfolio manager at Bank of Communications Schroders Fund Management Co, which oversees about $6.5 billion.

Zhongjin Gold Corp, China's second-largest gold producer, fell 3.1 percent to 59.68 yuan ($8.74) as a gauge of metals in London fell from a two-month high. Zijin Mining Group Co, the biggest, dropped 2 percent to 9.71 yuan. Jiangxi Copper, the country's No 1 producer of the metal, lost 0.8 percent to 41.41 yuan, snapping a three-day 9.6 percent rally.

The London Metals Index, a measure of six metals including copper and zinc, fell 1 percent.

SAIC Motor, the biggest domestic automaker, declined 3.6 percent to 21.21 yuan. Anhui Jianghuai Automobile Co slipped 1.1 percent to 10.31 yuan, after closing at the highest in two years on Tuesday.

CITIC Securities Co and Haitong Securities Co, the nation's two biggest brokerages by market value, rose more than 2 percent after trading volumes climbed on Tuesday. A total of 20.55 billion shares were traded on both mainland bourses on Tuesday, the highest since Sept 18, according to data compiled by Bloomberg.

Chinese investors last week opened the fewest accounts to trade stocks since February as the country's markets reopened following an eight-day holiday and the Shanghai Composite Index dropped in the third quarter.

Related readings:  Equities soar on robust indicators  Stocks likely to 'extend' gains  China shares up on optimistic prospect in economic growth  Chinese shares end mixed Wednesday

Individual investors opened 247,025 accounts, data from the nation's clearing house showed yesterday, the least for a five-day week since Feb 6. China's markets were shut from Oct 1 through Oct 8. Lower account numbers in three weeks in April and May were affected by market closures.

"New investors have held off entering the market after the holiday break as they are not confident they can make money," Xiao Bo, a Beijing-based strategist at Huarong Securities Co, said in a phone interview. "They tend to pile in after the market goes on a tear and hold off after the market goes down."