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Special> Global Financial Crisis> Latest
UPDATED: February 18, 2009
Profit-taking Leads Chinese Shares Down 3%
The benchmark Shanghai Composite Index fell 2.93 percent,

Chinese equities fell almost 3 percent Tuesday as investors took profits from previous gains, analysts said, and also reacted to falls on Asian markets.

The benchmark Shanghai Composite Index fell 2.93 percent, or 69.95 points, to 2,319.44. The Shenzhen Component Index declined 3.53 percent, or 309.89 points, to 8,461.16.

The key Shanghai index has gained 27.4 percent since December 31 last year.

Combined turnover was 258.5 billion yuan (37.85 billion U.S. dollars), down from 273.55 billion yuan on the previous trading day.

Losers led gainers by 761 to 118 in Shanghai and by 669 to 88 in Shenzhen.

Shares of power generators fell on media reports that the country's January power consumption declined 12.88 percent from a year earlier because of weakening economic activity.

The GD Power Development Co., a listed arm of China Guodian Corp., one of the country's five largest power generators, edged down 0.74 percent to 6.7 yuan.

Shares of the Datang International Power Generation Co. dropped 3.79 percent to 7.86 yuan. Huaneng Power International, Inc. was down 1.1 percent to 8.08 yuan.

Property developer shares lowered as the prospect of interest rate cuts failed to materialize, analysts said.

China Vanke, the country's largest residential real estate developer, lost 5.05 percent to 8.08 yuan. Shares of the Poly Real Estate Group Co. dropped 4.44 percent to 18.3 yuan.

Asian stocks fell Tuesday, dragged by financial shares as investors worried about the deterioration of the global economic outlook.

Japan's benchmark Nikkei 225 Average shed 1.35 percent, or 104.66 points, to 7,645.51, hitting a new low since October 28, 2008. The Hang Seng Index fell 3.61 percent to 12,970.7 points.

(Xinhua News Agency February 17, 2009)

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