Chinese shares fall

Beijing, Dec 23 (IANS) China’s stocks closed lower on Wednesday despite financial heavy-weights performing strongly.

Shanghai lost 0.43 percent to end at 3,636.09 points. The smaller Shenzhen index dipped one percent, or 131.26 points, to close at 13,007.87 points, Xinhua reported.

The ChiNext Index, the NASDAQ-style board of growth enterprises, dropped 1.97 percent to end at 2,783.94 points.

The total turnover of the two bourses stood at 996.7 billion yuan (about $154 billion), up from 874.3 billion yuan the previous trading day.

Losers outnumbered gainers by 687 to 267 in Shanghai and 1,142 to 396 in Shenzhen.

Altogether five stocks on the two exchanges decreased by the daily limit of 10 percent.

Shares related to electronic information, glass, nonferrous metal, furniture and aviation devices were among the biggest losers.

The sub index for the electronic information sector, which tracks 247 firms, tumbled 2.74 percent, with Beijing Tongtech Co. Ltd. and Toyou Feiji Electronics Co., Ltd dipping by the daily limit of 10 percent.

Glass firms also had a terrible trading day, with Jiangsu Xiuqiang Glasswork Co. Ltd. and Changzhou Almaden Co. Ltd. plunging by 8.02 percent and 5.08 percent.

The financial sub-index, which covers 51 securities, banks and insurers, rose 1.03 percent.

CITIC Securities, China’s largest brokerage firm, jumped 6.121 percent to 21.15 yuan per share.

The subindex for banks increased 0.43 percent. China Citic Bank Corp. Ltd. rose by 2.8 percent to 7.71 yuan. China Construction Bank gained 0.34 percent to 5.9 yuan.

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