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Chinese shares retreat on tightening concerns

CHINESE equities retreated today, driving the benchmark Shanghai stock index down below the psychologically-important 3,000-point level, on concerns over government moves to cool economic growth and squash inflation.

The Shanghai Composite Index on the Shanghai Stock Exchange closed at 2,976.94 points, down 36.47 points, or 1.21 percent.

The Shenzhen Component Index closed at 11,903.33 points, down 265.78 points, or 2.18 percent.

Combined turnover shrank to 130.39 billion yuan (US$19.09 billion) from 155.41 billion yuan the previous trading day.


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