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Shares drop 98 points amid policy uncertainty

(Agencies)
Updated: 2008-07-15 16:12

Chinese A shares closed sharply lower led by financials and property developers, amid uncertainty over the government's monetary policy moves, dealers said.

They said that the local bourse was also impacted by the slump in regional markets.

The benchmark Shanghai Composite Index closed down 98.81 points or 3.43 percent at 2,779.45, off a low of 2,769.91 and high of 2,896.33.

Turnover rose to 75.18 billion yuan ($11.02 billion) from 59.46 billion yuan yesterday.

The National Development and Reform Commission (NDRC) warned in a statement yesterday that upward pressure on prices remains strong, although favorable conditions are in place to help keep Chinese inflation in check.

The NDRC statement comes just days ahead of the release of second quarter economic data.

Analysts said the statement led some investors to doubt their previous view that the government would loosen monetary conditions, since tackling inflation still appears to be its top priority.