By Xinhua writer Jiang Xufeng

    BEIJING, June 10 (Xinhua) -- Chinese shares opened 3.83 percent lower at 3,202.11 points Tuesday morning after the three-day holiday of the Dragon Boat Festival, with investors nervous about the impacts of the reserve-requirement ratio hike announced on Saturday by the central bank.

    The People's Bank of China (PBOC), the country's central bank, on Saturday ordered lenders to set aside more money as reserve, the fifth such move this year.

    The reserve-requirement ratio would be raised by 0.5 percentage point on June 15, and another 0.5 percentage point on June 25, which will bring the ratio to a record high of 17.5 percent.

    "The rise, a further materialization of the tight monetary policy, is aimed at strengthening liquidity management in the banking system," said the central bank.

    Li Feng, a Galaxy Securities senior analyst, said the investor's sentiment would be hit hard because of the reserve requirement ratio increase and the U.S. shares plunge on Friday.

    Wall Street plummeted Friday on higher-than-expected unemployment data and rocketing oil prices with the Dow Jones Industrial Average dropping more than 400 points.

    "Shares would continue going through ups and downs in the short term and the fluctuation range would further enlarge," said Li, adding that share prices had fallen into the undervalued range and the further room for downward trend was limited.

    Banking shares bore the brunt of the tightening policy, as the Industrial and Commercial Bank of China, the country's top lender, lost 6.81 percent to 5.47 yuan, with the Bank of China, the country's second largest lender, losing 5.32 percent to 4.45 yuan and Bank of Communications, the country's fifth-largest bank, down7.56 percent to 8.19 yuan.

    Zhang Xiang, a Guodu Securities analyst, held that the reserve requirement ratio hike would have a bigger jolt to the country's macro-economic functioning instead of the capital inflow to the stock market.

    Zhang said that it is now harder for those medium and small-scaled enterprises, especially those private companies, to get loans from banks, and the housing developers that rely heavily on financing from banks would have a more difficult time.

    Real estate were pressured as Wanke Group, China's largest real estate company, sank 9.1 percent to 17.88 yuan and Poly Real Estate tumbled 9.99percent to 15.94 yuan.

    The benchmark Shanghai Composite Index, which covers A and B shares, closed at 3,140.80 points in the morning session, down 5.67 percent, or 188.87 points from the previous close.

    The Shenzhen Component Index plummeted 810.35 points, or 6.91 percent, to 10,923.62 points in the morning session.

    Falling issues outnumbered rising stocks by 842 to 15 in Shanghai and by 674 to 18 in Shenzhen.