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Chinese shares remain weak despite soaring telecom stocks |
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Friday, 23 May 2008 09:50 |
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Chinese shares remained weak on Friday despite soaring telecom stocks driven by the news of industry reshuffle. The benchmark Shanghai Composite Index was slightly down by 12.54 points, or 0.36 percent, to close at 3.473.09 points. China Unicom, one of the country's major four telecom operators, rose 5.18 percent in the morning session and stopped trading in the afternoon session due to some unpublished reasons. The Shenzhen Component Index on the Shenzhen Stock Exchange market closed at 12,216.39 points, down 149.8 points, or 1.21 percent. The Hushen 300 Index reflecting the performance of the Shanghai and Shenzhen stock exchanges closed at 3,675.15 points, losing 36.3 points, from the previous close. The combined turnover was 117 billion yuan (16.7 billion U.S. dollars), down from the previous day's 142.5 billion yuan.
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