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China's Stocks Down 0.68% Thursday
Sep 9,2011 08:43CST
industry news
Source:SMM
China's stocks failed to extend their rebound and slipped on Thursday, dragged down by underperforming banking and property sectors.

BEIJING, Sept. 8 (Xinhua) -- China's stocks failed to extend their rebound and slipped on Thursday, dragged down by underperforming banking and property sectors.

The benchmark Shanghai Composite Index fell 0.68 percent, or 17.15 points, to end at 2,498.94.

The Shenzhen Component Index dropped 0.71 percent, or 77.87 points, to finish at 10,933.31.

Combined turnover declined to 113.36 billion yuan (17.75 billion U.S. dollars) from Wednesday's 116.86 billion yuan.

Wall Street's Wednesday rise led Chinese stocks to open higher on Thursday. However, heavyweights like banks, property developers and coal companies underperformed, dragging shares back down with them.

Shares of cement, media and shipbuilding companies led the drop, while shares of chemical companies still maintained strong growth.

Analysts said the Consumer Price Index (CPI) for August, which will be released on Friday, has affected the confidence of investors. Recent price hikes have kept the CPI around 6 percent, an unusually high level.

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