Chinese shares plunge 3.81 pct in morning session
10/10/2008 16:46
Chinese shares plummeted 3.81 percent in the morning session today,
echoing the heavy losses of global markets, with the Shanghai Composite Index
ending at 1995.52 points, down 79.06 points or 3.81 percent from the previous
close. The smaller Shenzhen Component Index shed 367.38 points, or 5.44
percent to 6,390.84 points. The confidence still remained weak despite the
government's recent measures to boost the market, analysts said. China's
securities regulator yesterday said publicly-traded companies must pay dividends
in cash rather than stock over three years before submitting their refinancing
applications, in a move to encourage long-term investment and reduce market
volatility. None of the top ten heavyweights have their shares rise in the
morning session. Sinopec trimmed 2.45 percent to 9.94 yuan, with 4.335
billion non-tradable shares of the Asia's top refiner freed-up today.
PetroChina, the country's largest oil producer, lost 1.4 percent to 11.97
yuan. The Industrial and Commercial Bank of China dipped 1.23 percent to 4.01
yuan, while the Bank of China shed 5.12 percent to 3.15 yuan. China Life, the
country's largest life insurer, saw its shares drop 5.97 percent to close at
19.39 yuan.
Xinhua
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