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Chinese shares lost 1.81% on falling corporate profits

(Xinhua)
Updated: 2009-02-27 16:26

Chinese share prices dropped 1.81 percent on Friday as investor confidence was undermined by falling corporate profits and lack of further government stimulus.

The benchmark Shanghai Composite Index, which covers both A and B shares, opened higher on government announced stimulus plans, but dipped 38.4 points, or 1.81 percent, to 2082.85 points in the afternoon session as bank shares' weak performance put a damper on the market.

The Shenzhen Component Index on the smaller Shenzhen bourse dropped to 7608.22 points, down 169.68 points, or 2.18 percent.

Total turnover was 152.24 billion yuan ($22.29 billion), down from 198.52 billion yuan on Thursday.