Chinese stocks extend losses for 3 day

Chinese shares closed lower for a third consecutive day on Wednesday, weighed down by non-ferrous metals and cement producers. The benchmark Shanghai Composite Index lost 15.65 points, or 0.65 percent, to close at 2,394.79 points on Wednesday. The Shenzhen Component Index dropped 38.95 points, or 0.39 percent, to end at 10,054.87. Combined turnover on the two bourses shrank to 177.05 billion yuan (28.01 billion U.S. dollars) from 192.3 billion yuan the previous trading day. Losers outnumbered gainers by 665 to 251 in Shanghai and by 895 to 462 in Shenzhen. A majority of sectors posted losses, with non-ferrous metal leading the declines. Xiamen Tungsten Co. Ltd slumped 4.92 percent to end at 39.39 yuan per share, while Yunnan Tin Company Limited dropped 4.18 percent to 22.91 yuan. Banking shares were lower across the board. Bank of Beijing shed 4.58 percent to 10.22 yuan while China Citic Bank fell 1.53 percent to 4.51 yuan. Iron and Steel stocks went down as China's large and medium-sized steel producers reported losses of up to 2.32 billion yuan in February. Pangang Group Steel Vanadium & Titanium Co. Ltd slid 3.23 percent to 6.88 yuan. Bucking the trend, shipbuilding shares rose across the board. China State Shipbuilding Corporation surged 7.51 percent to end the day at 36.63 yuan per share.