Richard Fu/Shanghai Daily news

A report disclosing that companies offered on average less attractive compensation as part of their state share disposal caused the Shanghai stock market to close lower.
The Shanghai Composite Index, which tracks yuan-denominated A shares and foreign-currency B shares, lost 1.89 percent to 1,133.24. The A-share Index fell 1.90 percent to 1,190.51 while the B-share Index shed 1.19 percent to 66.29.
The 21 companies on average offered 2.86 shares to tradable shareholders for every 10 held as compensation, China Securities Journal said, citing a research report, yesterday.
The compensation was lower than the market expectation of 3 shares for every 10, analysts said.
Asia's largest oil refiner, China Petroleum & Chemical Corp, tumbled 3.67 percent to close at 3.94 yuan (49 US cents) while China United Telecommunications Corp dived 1.95 percent to 2.51 yuan.
Textile stocks closed mixed yesterday with uncertainties over the ongoing fifth round of Sino-US talks to resolve the niggling problem.
Inner Mongolia Erdos Cashmere Products Co surged 5.21 percent to finish at 3.84 yuan.
Shanghai Dragon Corp, the city's biggest textile firm, lost 2.82 percent to 2.76 yuan while Huafang Textile Co plunged 4.11 percent to 2.80 yuan.
China's stock markets will be closed from Saturday to October 7 for the National Day holiday.