Chinese shares fall as investors dump shares in panic

Chinese shares continue fell again Wednesday as many investors dumped shares in panic largely due to worse-than-expected business performance of most listed firms.

The benchmark Composite Stock Index of Shanghai Stock Exchange, which covers yuan-denominated A shares and foreign-currency B shares, closed at 1,097.16 points, down 24.76 points , or 2.2 percent lower than 1,119.43 points at opening session. Total trading volume was 8.7 billion yuan (1.07 billion US dollars).

The Component Stock Index of Shenzhen Stock Exchange, meanwhile, closed at 2,662.79 points, down 82.19 points, or 2.9 percent lower. Total trade volume was 5.44 billion yuan (671 million US dollars).

Total transaction volume of the two markets stood at 14.4 billion yuan (1.77 billion US dollars).

Analysts said it is unlikely share prices will continue to drop drastically in coming few trading days, and technical rebounds are expected at around 1,100 points.

Source: Xinhua