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Shares drop 2.65% over policy concerns

(Xinhua)
Updated: 2008-07-16 15:44

Chinese shares declined for the second day on Wednesday, led by property developers and banks on concerns they would be further pressured by the continuing tightening monetary policies.

The benchmark Shanghai Composite Index fell 2.65 percent, or 73.58 points to 2,705.87 points. The Shenzhen Component Index closed at 9,323.38 points, down 3.37 percent.

Aggregated turnover on the two bourses totaled 93.87 billion yuan ($13.76 billion).

Shares of real estate firms fell across the board responding to early news the government was likely to stick to tightening monetary policies in the second half, which would extend their losses, analysts said.

China Vanke, the country's top real estate developer, fell 4.77 percent to 8.38 yuan. Poly Real Estate Co. slumped 5.09 percent to 14.35 yuan.

Banking shares also fell across the board on concerns the depression could cause cash-flow problems in property developers and lead to increased mortgage defaults by home buyers, saddling banks with bad loans, analysts said.

The Industrial and Commercial Bank of China (ICBC), the country's largest lender, lost 2.46 percent to 4.76 yuan. China Merchants Bank shed 4.10 percent to 22 yuan and Bank of China fell 2.22 percent to 3.97 yuan.

The country's key economic statistics for the second quarter, slated for release on Thursday, also added to the negative sentiment, Guangfa Securities analyst Wan Bing said.

Oil company shares gained, however, because of an overnight retreat in world crude prices.