Chinese stocks down 2.41% at midday

Aug. 12, 2009 (China Knowledge) - Chinese stocks ended lower in the morning trading session on Wednesday, led by market heavyweights.

The Shanghai Composite Index, which covers both A shares and B shares on the Shanghai Stock Exchange, fell 2.41% or 78.6 points to close at 3,186.13 points in the morning session.

The Shenzhen Component Index on the smaller Shenzhen Stock Exchange decreased 1.98% or 260.11 points to stand at 12,876.99 points.

Market heavyweight PetroChina<601857><0857><PTR>, the nation's top oil producer, shrank 1.95% to close at RMB 14.6, while Asia's largest oil refiner Sinopec<600028><0386><SNP> fell 1.3% to RMB 13.66.

Shenzhen-listed Panzhihua New Steel & Vanadium Co Ltd<000629> declined 6.47% to close at RMB 8.68, as the company's 750 million new shares became tradable today.

China Shenhua Energy Co Ltd<601088><1088>, the nation's biggest coal producer, fell 3.59% to RMB 35.75.

Share prices of securities firms ended lower. CITIC Securities Co Ltd<600030>, the largest listed brokerage in China, decreased 3.91% to RMB 33.19.

Bank stocks also ended lower. Industrial and Commercial Bank of China<601398><1398>, the world's largest lender by market value, fell 2.16% to RMB 4.99.

Property stocks ended higher. China Vanke Co Ltd<000002><200002>, the country's largest publicly traded residential property developer, rose 1.26% to close at 12.83.