Markets

China's stocks close lower Friday on resources sector

(Xinhua)
Updated: 2010-08-20 16:09

BEIJING - Chinese stocks closed lower Friday, dragged down by coal and oil-related shares.

The benchmark Shanghai Composite Index closed at 2,642.31, down 45.67 points, or 1.70 percent, while the Shenzhen Component Index dipped 230.71 points, or 2.04 percent, to end at 11,090.46.

Combined turnover dropped to 239.36 billion yuan ($35.36 billion) from 251.78 billion yuan on the previous trading day.

Losers outnumbered gainers by 763 to 111 in Shanghai and 850 to 179 in Shenzhen.

Most heavyweights declined following the overnight drop on the US stocks market, said Wen Xiaohui, an analyst with Investoday Securities.

Related readings:  China's stocks close higher Thursday on resources sector  Stocks decline on central bank adviser's remarks  China's stocks close down Wednesday  China stocks close up Tuesday

China Shenhua Energy Co, the country's largest coal producer, dropped 3.42 percent to 24.83 yuan per share.

PetroChina Co, the country's largest oil producer, lost 1.51 percent to 10.42 yuan per share.

Sinopec, the country's largest oil refiner, shrank 2.52 percent to 8.51 yuan.

Real estate developer stocks continued to drop on expectations that the government would maintain its tough stance on the property market.

Poly Real Estate Group Co, the country's second-largest developer by market value, declined 2.87 percent to 12.50 yuan per share.

China Vanke Co, the nation's biggest listed property developer, dipped 1.03 percent to 8.65 yuan.

The Ministry of Land and Resources Thursday said it would continue to crack down on land hoarding in the real estate sector.