Profit taking weakens Chinese shares 1st time in 4 days

BEIJING, July 10 (Xinhua) -- Chinese shares slipped 1.54 percent on Thursday on profit taking and over a rebound in the international crude oil prices.

The benchmark Shanghai Composite Index shed 1.54 percent, or 45.1 points to end at 2,875.45 points. The downward movement ended an increase over the previous three days.

The Shenzhen Component Index closed at 10,178.61 points, down 176.77 points, or 1.71 percent. Aggregated turnover on the two bourses reached 151.64 billion yuan (21.66 billion U.S. dollars).

Banking and real estate stocks retreated on profit taking after rising for three consecutive days, leading the falls, analysts said.

The Industrial and Commercial Bank of China (ICBC), the country's biggest lender, fell 0.78 percent to 5.09 yuan. China Vanke, the country's top real estate firm, was down 1.30 percent to 9.88 yuan.

Shares of steel and iron companies also lost ground, responding to the news that a severe coke shortage was plaguing the industry despite rising production costs.

Baosteel, the country's largest steel maker, fell 3.21 percent to 9.04 yuan while shares of the Xinjiang Iron and Steel Co. slumped 6.64 percent to 10.83 yuan.

Airlines fell across the board over a rebound in the international crude prices. Air China lost 4.14 percent to 9.96 yuan, China Eastern Airlines fell 3.77 percent to 7.14 yuan and China Southern Airlines dropped 3.79 percent to 7.87 yuan.

Sinopec, Asia's top oil refiner, sank 2.73 percent to 10.34 yuan while PetroChina, the country's largest oil producer, lost 1.86 percent to 15.34 yuan.