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China shares fall on Wall Street loss

China shares fall on Wall Street loss

Chinese shares fell Thursday on an overnight Wall Street sell-off and a decline in commodity prices.
The benchmark Shanghai Composite Index shed 70.86 points, or 2.3 percent, to close at 2,960.47. The Shenzhen Composite Index for China's smaller second exchange declined by 2.2 percent to 1,043.95.
"The weak Dow and slumps of gold and oil prices heavily dampened Chinese markets," said Wen Lijun, an analyst for Nanjing Securities.
Investors also were worried that China's government might tighten access to credit after Norway raised interest rates Wednesday, sending jitters through world markets that governments might start to rein in stimulus policies, Wen said.
Resource shares ended lower after oil dropped to around $77 per barrel in Asia.
PetroChina Ltd., Asia's biggest gas and oil producer, lost 1.5 percent to 13.15 yuan, and China Petroleum & Chemical Corp., or Sinopec, the region's biggest refiner, declined by 2.2 percent to 11.46 yuan.
Gold miner Zijin Mining Group Co. lost 3.2 percent to 8.99 yuan and Shandong Gold Mining Co. fell 2.9 percent to 64.72 yuan.
Jiangxi Copper Ltd., the country's biggest copper producer, sank 5 percent to 37.45 yuan and Aluminum Corp. of China plunged 6.2 percent to 13.54 yuan.
Industrial & Commercial Bank of China Ltd., China's biggest commercial lender, and Bank of China Ltd. both fell 2 percent _ ICBC to 4.96 yuan, and BOC to 3.96 yuan. China Construction Bank Ltd. declined 1.9 percent to 5.79 yuan.
Medical-related shares surged after Premier Wen Jiabao warned Wednesday the country faces a battle against swine flu. Shenzhen Neptunus Bioengineering Co. soared by the daily 10 percent limit to 16.9 yuan, while vaccine maker Hualan Biological Engineering Co. advanced 5 percent to 59.5 yuan.
In currency markets, the yuan weakened to 6.8287 to the U.S. dollar, down from Wednesday's close of 6.8277.


Updated : 2021-06-18 05:33 GMT+08:00