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Shares down 3.8% as Asian markets fall

(Xinhua)
Updated: 2008-12-12 15:38

Chinese shares fell broadly, sinking almost 4 percent on Friday as investor confidence took a hit from losses on regional markets.

The Congressional collapse of a rescue plan for US car makers drove Asian markets down Friday.

The benchmark Shanghai Composite Index lost 77.47 points, or 3.81 percent, to close at 1,954.21 points. The smaller Shenzhen index slid 268.78 points, or 3.65 percent, to end at 7,092.71 points.

Combined turnover was 107.878 billion yuan ($15.75 billion), down from 127.783 billion yuan on Thursday. Losses outnumbered gains by 787 to 75 in Shanghai and by 674 to 59 in Shenzhen.

Heavyweights continued to lead the downward movement.

China Ping An lost 6.18 percent to 25.94 yuan, while China Merchants Bank slid 6.07 percent to 13.16 yuan, Industrial and Commercial Bank of China went down 3.78 percent to 3.82 yuan, China Construction Bank fell 4.12 percent to 4.19 yuan and Bank of China sank 2.77 percent to 3.16 yuan.

However, three-generation (3G)-telecoms-related shares gained, after industry regulators confirmed that China would issue 3G mobile licenses by the end of 2008 or early next year.

Huiyuan Telecom gained 6.52 percent to 3.76 yuan, Zhongwei Guomai went up 5.06 percent to 8.31 yuan, Zhongxing Telecom rose 4.57 percent to 26.98 yuan, Beiwei Telecom gained 4.56 percent to 12.84 yuan and Gaohong Holding was up 4.17 percent to 5.24 yuan.

China Southern Airlines and China Eastern Airlines rose by the 10-percent daily limit for a second day, closing at 4.03 yuan and 4.75 yuan, respectively. The gains came after the two leading carriers announced they would get state bail-outs.