Chinese shares close lower on agriculture stocks

BEIJING, May 23 (Xinhua) -- China's major stock indices closed lower Thursday, dragged down by stocks of agriculture-related companies.

The benchmark Shanghai Composite Index fell by 1.35 percent to 2,852.52, while the Shenzhen Component Index closed 2.56 percent lower at 8,809.53.


(File Photo: VCG)

Combined turnover of stocks at the two exchanges stood at 464.6 billion yuan (around $67.3 billion), shrinking from 469.3 billion yuan the previous trading day.

Most stocks declined, with losers outnumbering gainers by 1,267 to 162 on the Shanghai bourse, and 1,883 to 221 in Shenzhen.

Agriculture-related companies lost heavily across the board. Shandong Denghai Seeds Co. Ltd. shares declined by 9.98 percent to close at 7.67 yuan apiece. Hefei Fengle Seed Co. Ltd lost 9.97 percent to 12.28 yuan a share.

Shocks of coal industry, however, posted strong performance. Yunnan Coal & Energy Co. Ltd., a producer and distributor of coal-related products, jumped by 6.57 percent to 4.22 yuan a share.

The ChiNext Index, China's NASDAQ-style board, lost 2.51 percent to close at 1,451.24.