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1st LD-Writethru: Chinese stocks fall for fifth straight day

Monday, September 20, 2010 6:31 AM


BEIJING, Sep. 20, 2010 (Xinhua News Agency) -- Chinese equities declined for a fifth straight trading day Monday on concern the Chinese economy's rate of expansion might not be as fast as expected.

The benchmark Shanghai Composite Index dropped 0.38 percent to close at 2,588.71 while the Shenzhen Component Index declined 0.52 percent to end at 11,150.33.

Combined turnover stood at 167 billion yuan (24.56 billion U.S. dollars), down from 182.24 billion yuan the previous trading day.

Airline stocks rallied after the yuan appreciated, with investors betting a stronger yuan will boost airlines' profits as jet fuel costs are denominated in U.S. dollars.

Air China Ltd., the nation's biggest carrier, rose 2.9 percent to 12.40 yuan while China Eastern added 5.62 percent to finish at 8.08 yuan.

Gold producers gained after international gold (OTCBB:ITGC) prices hit a record high as investors sought investments to offset inflation. Zhongjin Gold rose 0.92 percent to 35.06 yuan while Shandong Gold edged 1.62 percent higher to 45.10 yuan.

Real estate developers fell amid investors' fear that the government may unveil more policy measures to curb runaway housing prices.

China Vanke Co., the country's biggest listed property developer, lost 0.12 percent to finish at 8.07 yuan (1.17 U.S. dollars) while Poly Real Estate Group Co., the country's second-largest developer by market value, shed 1.91 percent to close at 10.80 yuan.

(Source: iStockAnalyst )

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