Chinese shares sink 1.05% on weak heavyweights

BEIJING, March 3 (Chinese media) -- Chinese shares slid 1.05 percent on weakness in heavyweight stocks, but construction-related shares were strong on expectations of more stimulus measures.

The benchmark Shanghai Composite Index fell 22.02 points to 2,071.43. The Shenzhen Component Index closed at 7,695.62 points, down 67.1 points, or 0.86 percent.

Total turnover was 127.18 billion yuan (18.7 billion U.S. dollars), up from 114.2 billion yuan Monday. On the Shanghai exchange, 477 shares rose while 438 fell. In Shenzhen, 393 shares rose while 367 fell.

PetroChina dropped 1.49 percent to 10.56 yuan, while Ping An Insurance lost 3.61 percent to 30.15 yuan.

After unlocking its last batch of 4.8 billion non-tradable shares Monday, China Merchants Bank (CMB) declined 3.9 percent to 14.05 yuan.

The CMB, with all shares circulating, became the first heavyweight on the Hushen 300 Index, which reflects both the Shanghai and Shenzhen stock exchanges.

The financial sector dropped 2.22 percent, pulled down by overnight reports of losses by American International Group and the Hong Kong and Shanghai Banking Corporation, analysts said.

Xi'an Aircraft International rose by the daily limit of 10 percent as it reported a three-fold profit rise Tuesday. It led the entire aviation-manufacturing sector higher, with Sichuan Chengfa Aero-science and Technology up 9.63 percent to 19.93 yuan.

Cement and construction materials gained for a second day.

Hebei Taihang Cement gained 5.9 percent to 7 yuan and Zhejiang Dilong New Material rose 8.88 percent to 15.33 yuan.