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Chinese shares fall 3% on losses of heavyweights

(Xinhua)
Updated: 2008-07-01 16:05

Heavy losses of banks and other heavy-weighted shares drove Chinese shares further lower by more than 3 percent on Tuesday, amid concerns over possible interest rates hike and a slower economic growth.

The benchmark Shanghai Composite Index continued the downward movement in the past two trading days to close at 2651.61 points, down 84.50 points or 3.09 percent.

The Shenzhen Component Index fell 273.81 points or 2.92 percent to stand at 9,096.97.

Combined turnover on the two bourses edged up to 63.56 billion yuan ($9.2 billion) from 61.55 billion yuan on the previous trading day.