Nov. 27, 2009 (China Knowledge) - Chinese stocks fell on Friday, dragged by property and steel stocks.
The benchmark Shanghai Composite Index, which covers both A shares and B shares on the Shanghai Stock Exchange, dropped 2.36% or 74.72 points to close at 3,096.27 points after fluctuating between 3,080.89 and 3,169.76 points.
The Shenzhen Component Index on the smaller Shenzhen Stock Exchange shed 3.09% or 411.23 points to 12,876.15 points, after touching an intraday low of 12,800.70 points.
Decliners in the Shanghai market outnumbered gainers 667 to 151, while 40 were unchanged. Aggregated turnover on the two bourses shrank to RMB 228.04 billion.
Market heavyweight PetroChina<601857><0857><PTR>, the nation's top oil producer, declined 1.19% to RMB 13.23, while Asia's largest oil refiner, Sinopec<600028><0386><SNP>, rose 0.34% to close at RMB 11.94.
Property stocks led the losses in the morning. China Vanke<000002><200002>, the largest listed real estate developer in China, dropped 5.37% to RMB 11.27. Poly Real Estate<600048> fell 5.47% to RMB 24.37. Financial Street Holdings<000402> shed 5.35% to RMB 13.45. Huayuan Property<600743> plunged 9.39% to RMB 11.00. Xinhu Zhongbao Co<600208> plummeted by 9.49% to close at RMB 11.16.
Steel stocks also suffered losses today. Baoshan Iron & Steel Co<600019>, China's largest steelmaker also known as Baosteel, fell 6.67% to RMB 7.8. Wuhan Iron & Steel Co<600005> fell 5.54% to RMB 7.85.
China Shenhua Energy Co<601088><1088>, the largest coal producer in the country, fell 3.98% to close at RMB 34.27.