Chinese shares close lower

Chinese share prices closed 1.14 percent lower Friday in a continued correction, with textile stocks struggling after China and the US failed to reach a deal on export limits in their latest talks, dealers said.
They said there was no fresh lead from the policy side while investors were reluctant to build positions aggressively ahead of the release of third quarter results.
The Shanghai A-share Index shed 13.77 points to 1,197.30 on turnover of 7.69 billion yuan (948 million dollars) while the Shenzhen A-share Index was down 3.41 points or 1.16 percent at 289.40 on turnover of 4.71 billion yuan.
The benchmark Shanghai Composite Index, which covers both A- and B-shares, closed down 13.06 points or 1.13 percent at 1,139.55 on turnover of 7.74 billion yuan.
The Chinese yuan closed at 8.0896 to the US dollar, down from the previous finish at 8.0885.
The talks broke down Thursday, with the United States reserving the right to impose limits to curb what it sees as a flood of unfairly cheap imports of Chinese clothing and fabrics. Nanjing Textiles Imp/Exp Corp lost 0.14 yuan or 3.76 percent to 3.58 and Shanghai Shenda shed 0.15 or 5.07 percent to 2.81 while Shenzhen Textile (Holdings) fell 0.29 yuan or 4.87 percent to 5.67.
Dealers said uncertainty about third quarter results kept most investors at bay.
Automakers continued under pressure. Jiangling Motors, a partner of Ford Motor, shed 0.34 yuan or 5.98 percent to 5.35 and Chongqing Changan Automobile, another Ford partner, fell 0.22 or 4.81 percent to 4.35. Dongfeng Automobile lost 0.16 yuan or 5.54 percent to 2.73.
Airlines were helped by easier oil prices. Hainan Airlines, in which financier George Soros holds an indirect 14.8 percent stake, rose 0.22 yuan or 9.09 percent to 2.64 after reports he planned to increase his stake.
China Eastern Airlines gained 0.03 yuan or 1.24 percent to 2.45.
The Shanghai B-share Index fell 0.49 points or 0.74 percent to 65.84 on turnover of 6.33 million US dollars while the Shenzhen B-share Index was down 5.60 points or 2.58 percent at 211.16 on turnover of 92.37 million Hong Kong dollars (11.87 million US dollars).