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Chinese shares plunge more than 5%

11-12-2010 17:43 BJT

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Chinese shares dropped more than 5 percent Friday on profit-taking.

The Shenzhen Component Index was down 7 percent, while China's benchmark Shanghai Composite Index was down more than 5 percent.

Stocks opened slightly lower in morning trading and rose for a short time when two oil heavyweights surged on expectations that the government would raise fuel prices. PetroChina, China's largest oil company, rose more than 4 percent in early trading. But share prices began plunging as investors were split on the market trend and many sold stocks.

Analysts say investors are worried about the inflation and policy risks as China's consumer price index reported a 25-month high of 4.4 percent in October.

Editor:Zhang Ning |Source: CNTV

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