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Shares fall at week's end after overnight loss on Wall Street

(Xinhua)
Updated: 2008-09-05 19:51

Crude oil for October delivery dropped US$1.46 overnight to US$107.89 per barrel on the New York Mercantile Exchange, falling for a fifth straight day to a five-month low.

Related readings:  Huiyuan shares dip on acquisition uncertainties  Shares creep higher, driven by rally in metal shares  Shares gain first time in four days  Shares fall for third straight day, driven by energy producers

In response, China National Offshore Oil Corp. (CNOOC), the country's largest offshore oil explorer, fell 4.24 percent to 13.76 yuan. China Shenhua, the country's top coal producer, shed 3.16 percent to 24.54 yuan and Yanzhou Coal Mining Company lost 4.29 percent to 12.71 yuan.

Investor confidence was also dampened by news of China Merchants Securities plan to launch an initial public offering (IPO), Guosen Securities senior analyst Tang Xiaosheng said.

Brokerage shares declined across the board. CITIC Securities sank 3.18 percent to 18.56 yuan, Guojin Securities slumped 7.3 percent to 27.94 yuan, while Hongyuan Securities lost 4.79 percent to 13.92 yuan.

China Merchants Securities Co. Ltd. said in a prospectus released late on Thursday that it planned to issue 358.55 million A-shares on the Shanghai bourse. The application would be decided by market regulators on Monday.

If approved, it would become the second domestic brokerage IPO following Everbright Securities after a five-year suspension.

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