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China stocks slide nearly 2 pct on tightening worries

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An investor watches an electronic board at a stock trading hall in Hangzhou, capital of east China's Zhejiang Province, Nov. 23, 2010. China's stocks tumbled nearly two percent Tuesday on concerns of more tightening measures amid escalating inflation. The benchmark Shanghai Composite Index lost 1.94 percent, or 56.09 points, to close at 2,828.28. The Shenzhen Component Index dropped 1.96 percent, or 241.14 points, to end at 12,062.41. (Photo Source:Xinhua)

BEIJING, Nov. 23 (Xinhua) -- China's stocks fell nearly 2 percent Tuesday on concerns of more monetary tightening measures amid escalating inflation.

The benchmark Shanghai Composite Index lost 1.94 percent, or 56.09 points, to close at 2,828.28.

The Shenzhen Component Index dropped 1.96 percent, or 241.14 points, to end at 12,062.41.

Combined turnover contracted from Monday's 331.2 billion yuan (49.43 billion U.S. dollars) to 290.29 billion yuan.

Investors feared the government would implement more tightening measures such as increasing interest rates and bank's reserve ratio to tackle inflation, which rose to a 25-month high of 4.4 percent in October, dealers said.

Bank stocks continued to track downwards after the central bank last Friday asked commercial lenders to set aside more funds to check liquidity, the second such move in two weeks which would hurt bank's profits.

China Construction Bank, the nation's second largest lender, lost 1.50 percent to stand at 4.60 yuan. China Merchants Bank, the sixth largest commercial bank in China, ended down 1.06 percent to 13.11 yuan.

Oil producers and refiners fell as the government vowed to keep a lid on oil product prices to ensure people's lives were not affected by inflation.

China National Offshore Oil Corporation (CNOOC), the nation's biggest offshore oil and gas producer, tumbled 6.58 percent to 21.15 yuan. PetroChina, Asia's largest oil maker, plunged 2.86 percent to 10.86 yuan. Sinopec, China's top oil refiner, lost 2.18 percent to 8.09 yuan.

Coal makers were also down due to the government's price control measures. China Shenhua Energy Co Ltd, closed 2.25 percent lower to 24.37 yuan. China Coal Energy Co., Ltd, ended down 1.56 percent to 10.72 yuan.

An investor watches an electronic board at a stock trading hall in Hangzhou, capital of east China's Zhejiang Province, Nov. 23, 2010. China's stocks tumbled nearly two percent Tuesday on concerns of more tightening measures amid escalating inflation. The benchmark Shanghai Composite Index lost 1.94 percent, or 56.09 points, to close at 2,828.28. The Shenzhen Component Index dropped 1.96 percent, or 241.14 points, to end at 12,062.41. (Photo Source:Xinhua)

An investor watches an electronic board at a stock trading hall in Hangzhou, capital of east China's Zhejiang Province, Nov. 23, 2010. China's stocks tumbled nearly two percent Tuesday on concerns of more tightening measures amid escalating inflation. The benchmark Shanghai Composite Index lost 1.94 percent, or 56.09 points, to close at 2,828.28. The Shenzhen Component Index dropped 1.96 percent, or 241.14 points, to end at 12,062.41. (Photo Source:Xinhua)

An investor watches an electronic board at a stock trading hall in Hangzhou, capital of east China's Zhejiang Province, Nov. 23, 2010. China's stocks tumbled nearly two percent Tuesday on concerns of more tightening measures amid escalating inflation. The benchmark Shanghai Composite Index lost 1.94 percent, or 56.09 points, to close at 2,828.28. The Shenzhen Component Index dropped 1.96 percent, or 241.14 points, to end at 12,062.41. (Photo Source:Xinhua)

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