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Shares fall for 4th day despite rate cut

(Xinhua)
Updated: 2008-10-09 15:57

Chinese shares closed 0.84 percent lower on Thursday, falling for the fourth consecutive day, driven by insurance and banking shares.

The falls reflected that investors' confidence were still low, though the central bank had cut interests rate and reserve requirement on late Wednesday, analysts said.

The benchmark Shanghai Composite Index lost 0.84 percent, or 17.64 points to end at 2,074.58 points. The Shenzhen Component Index closed at 6,758.21 points, down 166.27 points, or 2.40 percent.

Aggregate turnover shrank to 48.8 billion yuan ($7.15 billion) from previous day's 57.5 billion yuan. Losses outnumbered gains by 1,056 to 376, while 167 stocks were unchanged.