Chinese shares lower with heavy trading on second day of key economic conference
9/12/2008 16:37
Chinese shares closed the morning session lower on profit taking today,
the second day of the country's key economic conference.
The benchmark
Shanghai Composite Index fell 1.08 percent, or 22.57 points, to 2,068.2 when the
earlier session finished. The smaller Shenzhen index lost 69.42 points, or 0.92
percent, to reach 7,459.21.
The key Shanghai index went on a roller-coaster
ride amid heavy trading in the morning, as many investors chose to profit from
the day-earlier gain.
The combined turnover in Shanghai and Shenzhen was 85.9
billion yuan (US$12.5 billion), more than half of a high of 156 billion yuan
recorded yesterday.
In previous trading day, Chinese shares surged 3.57
percent on prospects of more stimulus policies to buttress the economy from a
three-day Central Economic Work Conference, which started
yesterday.
Observers believed the three-day event would give priority to
efforts to maintain the country's stable economic growth.
The Shanghai index
opened almost flat today despite another big overnight rally on Wall Street,
where the Dow Jones average rose more than three percent after the US
President-elect Barack Obama announced a plan to launch the largest
infrastructure-spending package since the 1950s.
Xinhua
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