Chinese shares close down Thursday
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Chinese shares fell Thursday on further tightening concerns as the country's central bank raised the reserve requirement ratio (RRR) by 50 basis points on Thursday night.
The move to mop up excess liquidity in the market and contain ongoing high-level inflation will set the RRR for country's large commercial banks at 21 percent, a record high.
The benchmark Shanghai Composite Index moved down 1.36 percent, or 39.34 points, to 2,844.08.
The Shenzhen Component Index fell 1.07 percent, or 130.41 points, to 12,072.21.
Combined turnover expanded to 191.26 billion yuan (29.42 billion U.S. dollars) from 180.26 billion yuan on the previous trading day.
Losers outnumbered gainers by 720 to 164 in Shanghai, and by 998 to 212 in Shenzhen.
According to the data released by the National Bureau of Statistics on Wednesday, China's consumer price index (CPI), a main gauge of inflation, rose 5.3 percent year-on-year in April, up from 5.4 percent in March.
The nonferrous metal sector slumped 2.49 percent across the board following a plunge in international commodities markets. Sichuan Hongda Co., Ltd. slid 5.6 percent to 14.66 yuan per share, while Jiangsu Alcha Aluminum Co., Ltd. dropped 5.57 percent to 15.08 yuan per share.
Shares of gold miners also fell, driven by a price drop in the international gold market. Henan Yuguang Gold & Lead Co., Ltd. plummeted 5.62 percent to 26.21 yuan per share, while Chenzhou Mining Group Co., Ltd. slipped 4.85 percent to 32.01 yuan per share.
China Construction Bank, the nation's top mortgage lender, fell 1.17 percent to 5.07 yuan per share.
Industrial and Commercial Bank of China Ltd., the nation's biggest listed lender, shrank 1.1 percent to 4.49 yuan per share.
The gold futures on the COMEX Division of the New York Mercantile Exchange edged down 15.5 dollars, or 1 percent, to 1,501.4 dollars per ounce on Wednesday.
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