Chinese shares close down 1.66 percent

Chinese share prices closed down 1.66 percent on Thursday as investors took profits on property developers and banks after sharp gains in the previous session, dealers said.

They said weak earnings from state-owned companies raised concerns about broader earnings prospects although a rebound in oil heavyweights on hopes for government support over refining losses helped to limit the market's downside.

The benchmark Shanghai Composite Index, which covers A and B shares, closed down 57.59 points at 3,401.44 on turnover of 67.3 billion yuan (9.6 billion dollars).

The Shanghai A-share Index tumbled 60.45 points or 1.67 percent at 3,568.88 on turnover of 67.1 billion yuan. The Shenzhen A-share Index shed 24.24 points or 2.18 percent at 1,085.15 on turnover of 33.3 billion yuan.

(Agencies)