Chinese shares fall for fifth trading day
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Chinese shares fell for the fifth consecutive trading day on Wednesday, dragging the key Shanghai index to its lowest level since January 28 this year, as investors are concerned about a slowdown in the world's second-largest economy.
The benchmark Shanghai Composite Index declined 0.91 percent, or 25.32 points, to close at 2,741.74 points. The Shenzhen Component Index dropped 1.14 percent, or 134.51 points, to close at 11,615.42.
Combined turnover on the two markets went down to 147 billion yuan (22.62 billion U.S. dollars) from Tuesday's 153.37 billion yuan and Monday's 186.01 billion yuan.
Losers outnumbered gainers by 689 to 207 in Shanghai and by 1,029 to 202 in Shenzhen.
Analysts said investors are jittery about the outlook for China's economic growth, worrying that the country's fight against inflation will put pressure on growth.
On Tuesday, Goldman Sachs cut its 2011 and 2012 growth forecasts for China to 9.4 percent and 9.2 percent from its previous call of 10 percent and 9.5 percent.
Banking shares led the decline, falling across the board. The Industrial and Commercial Bank of China, the country's largest lender, slid 1.8 percent to 4.36 yuan per share. China Citic Bank was off 2.67 percent to close at 5.11 yuan.
Shares of the Zibo Wanchang Science and Technology Co., a chemical producer based in east China's Shandong Province, plunged 5.56 percent to 20.71 yuan. The company's shares declined for two trading days since the death of company chairman Gao Qingchang on Monday.
However, agriculture-related shares bucked the downward trend as a persistent drought in south China fueled rice prices. Shares of the Hunan Jinjian Cereals Industry Co. climbed 3.86 percent to 8.61 yuan. Yuan Longping High-Tech Agriculture Co. rose 1.28 percent to 26.82 yuan.
