Chinese stocks down 2.62% at the mid-day

Chinese stocks ended lower in the morning trading session on Tuesday tracking significant loss on Wall Street overnight.

The Shanghai Composite Index, which covers both A shares and B shares on the Shanghai Stock Exchange, declined 2.62% or 60.36 points to close at 2,245.42 points in the morning session.

The Shenzhen Component Index on the smaller Shenzhen Stock Exchange was down 1.94% or 169.67 points to stand at 8,558.03 points.

Market heavy weights led the upward trend. PetroChina<601857><857><PTR>, the nation's top oil producer, slid 2.45% to close at RMB 11.55, while Asia's largest oil refiner, Sinopec<600028><386><SNP>, tumbled 4.14% to stand at RMB 8.69.

The banking shares were the decliners. Bank of China<601988><3988> went down 2.10% to end at RMB 3.27. China Minsheng Banking Corp Ltd<600016> dropped 3.81% to end at RMB 4.80. China Merchants Bank<600036><3968> lost 3.59% to end at RMB 14.23. Bank of Communications<601328><3328> slid 3.86% to RMB 5.48.

Meanwhile, auto shares gained on the newly-issued industrial stimulus measures. SAIC Motor Corp Ltd<600104> gained 2.71% to RMB 9.08. Tianjin Faw Xiali Automobile Co Ltd<000927> ended 2.53% higher to RMB 5.67. Beiqi Foton Motor Co Ltd<600166> rose 1.33% to RMB 9.88.

Chongqing Changan Automotive Co Ltd<000625><200625> jumped 10.00% daily limit to RMB 7.15 after the company said it will set up an assembly venture in Mexico, with annual production of 50,000 vehicles.

Boosted by the government's incentives for the nonferrous metal sector, Xiamen Tungsten Co Ltd<600549> added 1.77% to RMB 14.99, and Shenzhen Zhongjin Lingnan Nonfemet Com<000060> edged up 0.81% to RMB 13.64.

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