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1st LD-Writethru: China stocks close lower on weak confidence

Xinhua, May 13, 2016 Adjust font size:

Chinese stocks closed lower on Friday as market confidence remained low after a tumble on Monday and weak performance in subsequent days.

The benchmark Shanghai Composite Index dropped 0.31 percent to close at 2,827.11 points. The smaller Shenzhen index closed 0.38 percent lower at 9,759.27 points.

Total turnover dropped from the previous trading day to 347.43 billion yuan (about 53 billion U.S. dollars).

CITIC Securities analyst Sun Xiwei said the performance on Friday showed that market panic continued after the 2.8-percent tumble on Monday, when a prominent newspaper quoted an unnamed "authoritative figure" dismissing the idea of a quick return to rapid economic growth in China.

From Tuesday to Thursday, the benchmark Shanghai index hovered above the 2,800-point mark within a relatively small range. This week, the Shanghai Composite Index dropped 2.96 percent.

The oil sector dropped the most on Friday, with sub-indices down 1.31 percent. PetroChina, the country's largest oil and gas producer, dropped 0.14 percent to 7.19 yuan per share, whereas Sinopec rose 0.43 percent to 4.64 yuan.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, lost 0.46 percent to close at 2,025.22 points. Endi