China's shares slipped 0.12 percent on Thursday, as funds sold big caps such as top Chinese steel mill Baoshan Iron and Steel Co Ltd to lock in gains from the last two days.
The benchmark Shanghai composite index finished at 1,098.323 points, after closing higher the previous two days.
Basosteel shed 1.01 percent to 3.93 yuan, after gaining 1.28 percent on Wednesday.
Asia's largest oil refiner, Sinopec Corp, fell 0.46 percent to 4.31 yuan, following a 2.12 percent surge the previous day.
"It's a wise move to take quick profit in a weak market," said an analyst with Huatai Securities.
The major index, lifted briefly by China's revaluation of the yuan in July, has dived over 13 percent so far this year, bogged down in part by Beijing's effort to float $250 billion of non-traded state holdings in listed companies.
Chances of a near-term market turnaround are slim, analysts say, as investors remain concerned that the deluge of state shares could further suck up liquidity.
Comments
Comments are closed.