Chinese equities dropped by 1.77 percent on Monday as declines in first-quarter corporate earnings hurt market confidence.

The benchmark Shanghai Composite Index closed the day at 2,405.35 points, down 43.25 points. The Shenzhen Component Index fell 2.5 percent to 9,082.22 points, down 232.99 points.

Losses outnumbered gains by 754 to 101 in Shanghai and 641 to 92 in Shenzhen.

Combined turnover shrank to 155.41 billion yuan (US$22.85 billion) from 168.3 billion yuan on the previous trading day.

(Xinhua News Agency April 27, 2009)