China stock index slips

China's main stock index has fallen slightly as resource shares tumbled in response to falls in global oil and metals prices, while property shares sank after industry leader Vanke reported earnings.

The Shanghai Composite Index ended the morning down 0.33 per cent at 2,732.651 points, near its intra-day low of 2,721.809.

Turnover in Shanghai A shares was light at 20.1 billion yuan ($US2.9 billion) against 18.4 billion yuan on Monday morning, when turnover shrank to its lowest level since December 2006. Losing Shanghai A shares outnumbered gainers by 564 to 326.

Among resources shares, coal miner Shenhua Energy slid 4.09 per cent to 29.08 yuan while Shandong Gold dropped 5.30 per cent to 49.72 yuan. Aluminium Corp of China lost 2.50 per cent to 12.49 yuan.

Steel shares, which have been sliding since early last week because of concern that a slowing economy could dampen product prices, continued dropping. Industry leader Baoshan Iron & Steel lost 2.92 per cent to 7.32 yuan.

Bank shares were strong, however, after local media reported the news, originally revealed by Reuters last week, that the central bank was expanding commercial banks' loan quotas. Pudong Development Bank rose 2.23 per cent to 23.81 yuan.

Oil refiner Sinopec climbed 1.62 per cent to 11.31 yuan in response to the fall in global crude oil prices.

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