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1st LD-Writethru: Chinese shares tumble on Wednesday

Xinhua, May 10, 2017 Adjust font size:

Chinese shares returned to losses Wednesday following a short-lived rebound the previous trading day as toughened financial supervision continued to drain liquidity and investors chose caution.

The benchmark Shanghai Composite Index (SCI) went down 0.9 percent to end the day at 3,052.78 points. The smaller Shenzhen Component Index shed 1.3 percent at 9,756.81 points.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, declined 1.73 percent to close at 1,771.32 points.

Some 2,500 stocks across the two bourses dropped, in contrast with around 400 stocks that saw gains. Plane manufacturers, companies in environmental protection, and cement producers led the declines. Avic Aircraft lost 7.29 percent to 17.8 yuan (2.58 U.S. dollars).

Bucking the trend, heavyweights in banking and insurance sectors played a major role in propping up indices. The Industrial and Commercial Bank of China (ICBC), the country's largest lender by market value, climbed 0.62 percent to 4.9 yuan.

Analysts believe the market is still in the middle of adjustments as improved regulatory measures continued to weigh on investors' sentiment. The SCI had slipped for five-straight days before posting slight growth Tuesday.

Trading remained thin at slightly higher than 400 billion yuan on Wednesday.

Before heading south in the afternoon, shares were at one point lifted moderately by resilient new economic indicators.

China's consumer inflation accelerated in April as the consumer price index grew 1.2 percent year on year, outpacing market estimates, according to the National Bureau of Statistics. Growth of the producer price index retreated to 6.4 percent. Endi