Chinese shares close 1.19 percent lower

Chinese share prices closed down 1.19 percent on Friday led by banks and property developers in nervous trade ahead of the release of April inflation data, dealers said.

They said inflation concerns weakened real estate and bank stocks, erasing gains triggered by Ping An Insurance's promise to delay fund-raising plans.

The benchmark Shanghai Composite Index, which covers A and B shares, closed down 43.35 points at 3,613.49 on turnover of 128.9 billion yuan (18.4 billion dollars).

The Shanghai A-share Index shed 45.56 points or 1.19 percent to 3,791.52 on turnover of 128.5 billion yuan. The Shenzhen A-share Index fell 5.39 points or 0.47 percent to 1,152.61 on turnover of 59.0 billion yuan.

(Agencies)