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Banking sell-off leads market down

SHANGHAI'S market lost more than 2 percent in the morning session, as banks and financial shares retreated.

The benchmark Shanghai Composite Index sank 2.38 percent, or 73.63 points, to close at 3,023.37 points. Turnover was 145 billion yuan (US$21 billion). Losers outnumbered gainers 778 to 107, and 31 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, retreated 2.99 percent to close at 1,158.40 points.

Baoshan Iron and Steel Co, China's biggest steel maker, lost 1.34 percent to 8.07 yuan. Huaneng Power International Inc lowered 1.70 percent to 7.51 yuan. Angang Steel Co retreated 2.54 percent to 11.88 yuan.

Banks were also flat. Bank of Communications lost 1.57 percent to 8.15 yuan. China Merchants Bank lost 2.24 percent to 16.12 yuan. China Construction Bank dropped 1.76 percent to 5.59 yuan.

China Pacific Insurance (Group) Co Ltd dropped 2.42 percent to 24.22 yuan. China Life Insurance Co Ltd sank 2.35 percent to 27.02 yuan.

China Railway Construction Corp said it plans to raise as much as 8 billion yuan through a private placement of up to 1.035 billion A-shares. The stock lost 2.31 percent to 8.46 yuan.

Metal suppliers further declined from previous gains. Yunnan Copper Co lowered 2.34 percent to 25.85 yuan. Jiangxi Copper dropped 2.86 percent to 35.62 yuan. Zhongjin Gold Mining Co lost 2.26 percent to 49.26 yuan.


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