Chinese share prices fall at midday upon lower-than-expected rate cut

Special Report:Global Financial Crisis

BEIJING, Dec. 23 (Chinese media) -- Chinese equities moved down in Tuesday's morning session, after central bank cut interest rates Monday afternoon, the fifth such move over the past 100 days, but by a lower-than-expected degree.

The benchmark Shanghai Composite Index lost 58.48 points, or 2.94 percent, to 1,929.28. Shenzhen Component Index on the smaller Shenzhen Stock Exchange slid 255.12 points, or 3.50 percent to 7,295.12.

Combined turnover was 56.688 billion yuan (8.29 billion U.S. dollars), up from 50.21 billion yuan for the morning session of the previous trading day. Losses outnumbered gains by 793 to 77 in Shanghai and 684 to 72 in Shenzhen.

Heavyweights took lead in the downward movement.

CITIC Securities lost 4.95 percent to 19.98 yuan, China Pacific Insurance fell 5.03 percent to 11.15 yuan, Sinopec went down 4.04 percent to 7.37 yuan and China Merchants Bank, down 4.47 percent to 12.81 yuan.

Analysts said the lower-than-expected rate cut was too weak to reverse the bearish run of real estate shares.

Jindi Group slid 6.99 percent to 7.32 yuan, Financial Street lost 6.64 percent to 7.88 yuan, Poly Estate went down 6.60 percent to 16.00 yuan, Merchants Estate down 5.97 percent to 13.85 yuan, and Vanke A down 3.81 percent 7.06 yuan.