(m.ming7.cn)
Updated: 2007-07-16 16:11

Chinese stocks dropped 2.36 percent today as the market waited for the macroeconomic statistics for June expected to be released this week. Although there were signs of diminishing liquidity, the inflation pressure was still high and the government may further tighten its monetary policies, analysts said.

Total turnover of stocks on the major indices was 89.9 billion yuan, the second-smallest in four months after last Friday's 83.1 billion yuan.

Shanghai Composite Index
Source: www.sina.com.cn

Opening higher at 3,920.65, the benchmark index failed to maintain an upward trend with limited support from buying bids. After touching its highest at 3,931.87 in the morning, it turned south and slid down to close slightly higher than the lowest of 3,820.57.

Of the A shares listed in Shanghai, only 114 went up, while 672 dropped and 54 ended flat. Shanghai Yaohua Pilkington Glass rose 10.04 percent to 10.41 yuan as the top gainer against the day, followed by Shanghai Maling Aquarius and Hainan Airlines, also sealed at the maximum growth cap of 10 percent. Linhai, however, lost 10 percent to lead the day's losers.

China Unicom, with the day's largest trading volume, dropped 0.05 yuan while West Mining, with the largest transaction value, rocketed up nearly 8 percent on its third trading day on the Shanghai bourse.

Shenzhen Component Index
Source: www.sina.com.cn

The Shenzhen Component Index, tracking the smaller Shenzhen Stock Exchange, opened higher at 12,820.61 and closed at 12,331.19, down 485.23 points or 3.79 percent. It went through the day within a range of 12,329.63 to 12,827.28.

Of its A shares, 109 were up, 433 down and 73 unchanged. Jincheng Paper ranked on top of the few surging shares with a 10 percent rise while Guangdong Golden Dragon Development lost 10 percent to lead the fall. Sinopec Wuhan Phoenix had the largest volume and climbed 6 percent. China Vanke, seeing the largest transaction value, was pressed down 0.7 yuan today.

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