Chinese shares close 0.05% down with record weekly loss in 11 weeks

BEIJING, Dec. 26 (Chinese media) -- Chinese equities failed

to reverse the slack run of the past four trading days and ended Friday 0.05

percent lower, creating a record weekly loss of 8.27 percent in 11weeks.

The benchmark Shanghai Composite Index shed 0.05 percent to 1,851.52. The Shenzhen Component Index fell 1.19

percent to 6,704.25.

Combined turnover shrank to 57.2 billion yuan (8.2

billion U.S. dollars) from 64.83 billion yuan the previous day.

Losses outnumbered gains by 535 to 287 in Shanghai

while gains outnumbered losses by 361 to 348 in Shenzhen.

Though there was a constant stream of bullish news

such as that the state assets watchdog had required big shareholders of

centrally-administered, state-owned enterprises to increase holdings in their

listed arms, many investors were still on "stand-by", analysts said.

After the week's fall, share prices in Shanghai hit a

new record low since the country announced its 4-trillion-yuan stimulus package

on Nov. 7.

Indices of oil refiners and property developers

dropped 3 percent and 2 percent, respectively. Asia's biggest oil refiner

Sinopec lost 0.56 percent to 7.05 yuan. Vanke, the country's largest real estate

developer, tumbled 2.54 percent to 6.53 yuan.

Boosted by the State Council's moves to reform the

fertilizer industry, fertilizer and pesticide sectors rose sharply. Shandong

Dacheng Pesticide Co. Ltd. rose by the daily limit of 10 percent. Hunan Haili

Chemical Industry Co. Ltd. was up 6.98 percent to 4.14yuan.