Chinese shares plunge 5% on profit taking

BEIJING, July 29 (Xinhua) -- Chinese equities¹ ended 5 percent lower Wednesday after rebounding² from plummeting³ more than 7 percent in the afternoon trade, as investors⁵ cashed in on earlier gains during the past five trading days.

The benchmark Shanghai Composite Index closed at 3,266.43 points, down 171.94 points, or 5 percent, ending a five-day upward streak⁶.

The Shenzhen Component⁷ Index retreated 5.54 percent to finish at 13,070.6 points, down 766.06 points.

Combined turnover⁸ shot up to a record high of 429.1 billion yuan (about 63.1 billion U.S. dollars) from 374.27 billion yuan on the previous trading day.

Losers overwhelmingly outnumbered gainers by 49 to 826 in Shanghai and 45 to 711 in Shenzhen.

Wednesday's plunge⁹ was "a normal correction as investors rushed to cash in on hefty profits, because the stock market had advanced for five consecutive¹⁰ trading days," Zhang Yunpeng, an analyst¹¹ with Beijing-based Huarong Securities told Xinhua.

The Shanghai index has gained from 3213.21 points on July 21 to 3438.37 on Tuesday, up 7 percent in five trading days.

The real estate sector¹² led the losses, with more than 20 shares down by the daily limit of 10 percent. The Shenzhen-based Gemdale Corporation lost 10 percent to finish at 18.09 yuan, down 2.01 yuan.

China Vanke, the country's largest property developer by market value, lost 7.3 percent to end at 13.2 yuan. Poly Real Estate, China's second largest, plummeted¹³ 8.7 percent to 26.56 yuan.

PetroChina, the country's biggest oil producer, moved down by 5.99 percent to 15.22 yuan, after the Chinese government announced price cuts at the pumps a day earlier.

Other heavyweights on the Shanghai index also fell. China Shenhua, the country's largest coal producer, retreated 6.48 percent to 36.96 yuan. China Ping An went down 5.33 percent to 59.13 yuan.

Industrial and Commercial Bank of China, the country's biggest lender, lost 2.64 percent to 5.17 yuan, and China Construction Bank, the country's largest mortgage lender, edged down 0.49 percent to 6.15 yuan.

Huarong Securities's Zhang, however, said investor⁴ expectation of China's economic recovery remained unchanged, so it's possible that the index would bounce back or climb to new highs.(本文由在线英语听力室整理编辑)

1 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。

2 rebounding   

蹦跳运动

参考例句：

• The strength of negative temperature concrete is tested with supersonic-rebounding method. 本文将超声回弹综合法用于负温混凝土强度检测。
• The fundamental of basketball includes shooting, passing and catching, rebounding, etc. 篮球运动中最基本的东西包括投篮，传接球，篮板球等。

3 plummeting   

v.垂直落下，骤然跌落( plummet的现在分词 )

参考例句：

• Prices are rising, falling, going up, going down, shooting up, plummeting, etc. 物价在上涨、下跌、上升、下落、猛然上涨、骤然下跌等。 来自辞典例句
• The enemy plane went plummeting into the sea. 敌机直直掉进海里。 来自辞典例句

4 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

5 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

6 streak   

n.条理，斑纹，倾向，少许，痕迹；v.加条纹，变成条纹，奔驰，快速移动

参考例句：

• The Indians used to streak their faces with paint.印第安人过去常用颜料在脸上涂条纹。
• Why did you streak the tree?你为什么在树上刻条纹？

7 component   

n.组成部分，成分，元件；adj.组成的，合成的

参考例句：

• Each component is carefully checked before assembly.每个零件在装配前都经过仔细检查。
• Blade and handle are the component parts of a knife.刀身和刀柄是一把刀的组成部分。

8 turnover   

n.人员流动率，人事变动率；营业额，成交量

参考例句：

• The store greatly reduced the prices to make a quick turnover.这家商店实行大减价以迅速周转资金。
• Our turnover actually increased last year.去年我们的营业额竟然增加了。

9 plunge   

v.跳入，(使)投入，(使)陷入；猛冲

参考例句：

• Test pool's water temperature before you plunge in.在你跳入之前你应该测试水温。
• That would plunge them in the broil of the two countries.那将会使他们陷入这两国的争斗之中。

10 consecutive   

adj.连续的，联贯的，始终一贯的

参考例句：

• It has rained for four consecutive days.已连续下了四天雨。
• The policy of our Party is consecutive.我党的政策始终如一。

11 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

12 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

13 plummeted   

v.垂直落下，骤然跌落( plummet的过去式和过去分词 )

参考例句：

• Share prices plummeted to an all-time low. 股票价格暴跌到历史最低点。
• A plane plummeted to earth. 一架飞机一头栽向地面。 来自《简明英汉词典》