China shares down on renewed economic jitters

Chinese shares fell Thursday on renewed doubts about the country's economic recovery, led by resources and financial shares.

The benchmark Shanghai Composite Index dropped 40.79 points, or 1.5 percent, to 2,610.62. The Shenzhen Composite Index for China's second exchange slipped 2.2 percent to 878.09.

A recent rally appears to have lost steam in the absence of any new, positive data, analysts said.

A recently announced series of steps to promote sales of autos and appliances and to support various sectors, including light industry and oil refineries, fell within expectations, they said.

"Investors are wondering if the government policies are just short-term shots in the arm," said Zhang Xiang, an analyst for Guodu Securities in Beijing.

Coal and metal miners fell on concerns over overcapacity, with China Shenhua Energy Ltd., China's biggest coal producer, losing 5 percent to 26.64 yuan. Aluminum Corp of China dropped 2.5 percent to 10.73 yuan.

Banks extended losses after after regulators Wednesday announced plans to tighten controls on lending to help prevent abuses.

Industrial & Commercial Bank of China Ltd., China's biggest lender, shed 0.9 percent to 4.24 yuan. Bank of China Ltd. fell 1.4 percent to 3.52 yuan and China Construction Bank, Ltd. lost 1.5 percent to 4.49 yuan.

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