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| Profit-taking Drags Chinese Shares Lower |
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Chinese stock markets closed slightly lower on Tuesday due to profit-taking after rises during the past consecutive eight week. The Composite Stock Index on the Shanghai Stock Exchange, which comprises yuan-denominated A shares and foreign-currency B shares, closed at 1,282.1 points, down by 5.5 points, or 0.43 percent. Total turnover was 19.6 billion yuan (US$2.45 billion). The major index of Shenzhen Stock Exchange, the Shenzhen Composite Index, was down by 0.02 percent to close at 3,358.69 points, with total a turnover of 11.9 billion yuan (US$1.48 billion). A total of 584 shares listed on the two bourses went up, 561 shares were down and 46 shares maintained their closing prices of the previous day. Meng Xin, a securities analyst with Guangfahafu Securities Consultancy Co, attributed the market readjustment to profit-taking after substantial rises of the stock markets since the Shanghai Composite Stock Index was at 1,200 point level a month ago. Hong Yanhua, an analyst with Sanyuan Securities Consultancy Co, said the fall of the share prices of such major blue chips as Sinopec, telecommunications giant Unicom and real estate leader Wanke was attributable to the downward adjustment of the markets. Hong described the adjustment as significant since the adjustment before the Shanghai Composite Stock Index reaches 1,300 point level will help the indice go higher. (Xinhua News Agency February 8, 2006)
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