Arab Today, arab today chinese shares fall after rallying by most since 2009
Last Updated : GMT 14:02:48
Arab Today, arab today
Arab Today, arab today

Chinese shares fall after rallying by most since 2009

Arab Today, arab today

Arab Today, arab today Chinese shares fall after rallying by most since 2009

Beijing - Xinhua

Chinese stocks dropped Wednesday after the key Shanghai index rallying by the most since Sept. 3, 2009 on the previous trading day. The benchmark Shanghai Composite Index declined 1.39 percent, or 31.99 points, to close at 2,266.38. The Shenzhen Component Index shed 1.61 percent, or 148.82 points, to finish at 9,115.27. Aggregated turnover expanded to 145.32 billion yuan (22.99 billion U.S. dollars) in the two bourses from 138.30 billion yuan on the previous trading day. Property stocks slid as home prices fell in more Chinese cities both on a monthly and annual basis in December as the market cooled following the government\'s persistent tightening efforts. China Vanke Co., the country\'s largest property developer, retreated 0.92 percent to 7.51 yuan, while Poly Real Estate Group Co., the second largest, fell 2.22 percent to 10.12 yuan. Shares of China Merchants Property Development Co. lost 3.53 percent to 17.78 yuan. In December, new home prices in 52 of the 70 major cities monitored by the government dropped from November, compared with 49 cities the previous month, the National Bureau of Statistics said Wednesday. Banking shares were weak, with the Industrial and Commercial Bank of China, the country\'s largest lender, down 1.15 percent to 4.31 yuan. China Merchants Bank was down 2.03 percent to 12.52 yuan. Non-ferrous metals gained, however, spurred by a report on China Industry News that the country will announce a guideline to support the development of non-ferrous industries in the 2011-2015 period. Stocks of Western Metal Materials Co., Yunnan Luoping Zinc and Electricity Co. and Jilin Liyuan Aluminum Co. all rose by the daily limit of 10 percent. The Shanghai Composite Index gained 4.18 percent on Tuesday, the most daily gain in more than two years, boosted by China\'s two-year-low but better-than-expected quarterly GDP growth. The country\'s economy grew 8.9 percent year-on-year last quarter, below the 9-percent mark for the first time since mid-2009. Full-year economic growth slowed to 9.2 percent in 2011 from 10.4 percent in 2010. 

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