China stocks drop for fifth consecutive trading day
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Chinese shares dropped for the fifth consecutive trading day on Thursday as a sharp slide on the Shanghai B-share index continues to weigh on the broader market.
The benchmark Shanghai Composite Index shed 38.36 points, or 1.31 percent, to close at 2,887.04 points.
The Shenzhen Component Index lost 209.64 points, or 1.7 percent, to end at 12,149.25 points.
Combined turnover slipped to 196.4 billion yuan (30.19 billion U.S. dollars) from the 197.23 billion on the previous trading day.
Losers outnumbered gainers 816 to 73 in Shanghai and 1,124 to 82 in Shenzhen.
Iron and steel producers led the declines across the board.
Jinan Iron & Steel, one of the country's leading iron and steel producers, plummeted by the daily limit of 10 percent to end at 5.25 yuan per share.
Shares of Laiwu Steel also dropped by the daily limit of 10 percent to finish at 10.76 yuan per share.
Property shares extended weak performances Thursday as the government announced Wednesday that it will consider fresh regulations to ward off profiteering in the property sector.
Poly Real Estate Group Co., China's second-largest developer by market value, dipped 2.19 percent to end at 12.91 yuan per share.
Hotel and tourism stocks also slid, with Xi'an Tourism Co., Ltd and Yunnan Tourism Co., Ltd. down 9.84 percent and 9.16 percent to 13.38 yuan per share and 12.8 yuan per share, respectively.
Bucking the trend, bank shares rose after China's major banks reported robust profits in the first quarter.
Shares of Agricultural Bank of China, the nation's largest lender to farmers, rose 2.07 percent to end at 2.96 yuan per share.
The bank said Wednesday its net profit in the first three months this year climbed 36.43 percent from a year earlier due to higher interest income and commissions.
