A man walks past a electronic board
showing the stock index at a stock exchange in Shanghai, China, July 29,
2009. The benchmark Shanghai Composite Index and Shenzhen Component Index
fall down 5 percent and 5.54 percent respectively on
Wednesday.(Xinhua) Photo
Gallery>>>
by Xinhua writers Wu Qiong and Jiang Xufeng
BEIJING, July 29 (Xinhua) -- Chinese equities ended 5
percent lower Wednesday after rebounding from plummeting more than 7 percent in
the afternoon trade, as investors cashed in on earlier gains during the past
five trading days.
The benchmark Shanghai Composite Index closed at
3,266.43 points, down 171.94 points, or 5 percent, ending a five-day upward
streak.
The Shenzhen Component Index retreated 5.54 percent
to finish at 13,070.6 points, down 766.06 points.
Combined turnover shot up to a record high of 429.1
billion yuan (about 63.1 billion U.S. dollars) from 374.27 billion yuan on the
previous trading day.
Losers overwhelmingly outnumbered gainers by 49 to
826 in Shanghai and 45 to 711 in Shenzhen.
Wednesday's plunge was "a normal correction as
investors rushed to cash in on hefty profits, because the stock market had
advanced for five consecutive trading days," Zhang Yunpeng, an analyst with
Beijing-based Huarong Securities told Xinhua.
The Shanghai index has gained from 3213.21 points on
July 21 to 3438.37 on Tuesday, up 7 percent in five trading days.
The real estate sector led the losses, with more than
20 shares down by the daily limit of 10 percent. The Shenzhen-based Gemdale
Corporation lost 10 percent to finish at 18.09 yuan, down 2.01 yuan.
China Vanke, the country's largest property developer
by market value, lost 7.3 percent to end at 13.2 yuan. Poly Real Estate, China's
second largest, plummeted 8.7 percent to 26.56 yuan.
PetroChina, the country's biggest oil producer, moved
down by 5.99 percent to 15.22 yuan, after the Chinese government announced price
cuts at the pumps a day earlier.
Other heavyweights on the Shanghai index also fell.
China Shenhua, the country's largest coal producer, retreated 6.48 percent to
36.96 yuan. China Ping An went down 5.33 percent to 59.13 yuan.
Stockholders are seen at a stock
exchange in Shanghai, China, July 29, 2009. The benchmark Shanghai
Composite Index and Shenzhen Component Index fall down 5 percent and 5.54
percent respectively on Wednesday. (Xinhua) Photo Gallery>>>
Industrial and Commercial Bank of China, the
country's biggest lender, lost 2.64 percent to 5.17 yuan, and China Construction
Bank, the country's largest mortgage lender, edged down 0.49 percent to 6.15
yuan.
Huarong Securities's Zhang, however, said investor
expectation of China's economic recovery remained unchanged, so it's possible
that the index would bounce back or climb to new highs.
