Chinese shares close down 2.33 percent

Chinese share prices closed 2.33 percent lower Monday on fresh concerns over liquidity and weak first-quarter net profits from Sinopec and China Life Insurance, dealers said.

They said the poor results weighed on market sentiment as renewed fears over liquidity pressure hit financial and metal stocks.

The Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares, lost 2.33 percent, or 83.03 points, to 3,474.72 at 3pm.

Losers in the Shanghai market outnumbered gainers 479 to 284, while 12 were unchanged.

The Shenzhen Composite Index, which tracks China's smaller stock exchange, was down 1.27 percent, or 13.39 points, to 1,045.03.

The Shanghai A-share Index was down 87.28 points or 2.34 percent to 3,645.58 on turnover of 108.8 billion yuan. The Shenzhen A-share Index lost 14.12 points or 1.27 percent to 1,096.36 on turnover of 48.2 billion yuan.

(Agencies)