May 14, 2009

SHANGHAI'S key stock index closed lower today as heavyweights and financial shares tumbled.The benchmark Shanghai Composite Index lost 0.90 percent, or 23.88 points, to close at 2,639.89 points. Turnover was 121.4 billion yuan (US$17.7 billion). Losers outnumbered gainers 443 to 409 and 56 remained unchanged.The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.02 percent to close at 880.75 points.PetroChina, the biggest component index, was down 1.35 percent to 13.11 yuan.

China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, retreated 2.21 percent to 10.60 yuan.China Life Insurance Co Ltd, the country's largest life insurance company, lost 2.32 percent to 24.02 yuan. China Pacific Insurance (Group) Co Ltd, retreated 1.89 percent to 17.65 yuan. Haitong Securities, China's second-largest listed brokerage by market value, edged up 0.14 percent to 14.19 yuan.Aircraft manufacturers bucked the downward trend after the State Council said it will allocate 32.8 billion yuan this year to boost airplane projects.